Cannabis Landlord, Controlled by Toni Ko, Files for Writ of Attachment Against Unrivaled Brands

Rhea-AI Summary

Unrivaled Brands intends to oppose an Application for a Writ of Attachment filed by 1149 South LA Street Fashion District and 1135 South LA Street Fashion District. Unrivaled Brands has successfully resolved over $50.0 million in debt in the past 12 months. The CEO stated that they will continue to work with creditors and explore reasonable outcomes to the litigation. The cannabis commercial real estate market remains challenging.

SANTA ANA, Calif., Sept. 28, 2023 (GLOBE NEWSWIRE) -- Unrivaled Brands, Inc. (OTCQB: UNRV) (“Unrivaled,” “Unrivaled Brands,” or the “Company”), a cannabis company with operations throughout California, today announced their intention to oppose an Application for a Writ of Attachment (the “Application”) filed by 1149 South LA Street Fashion District, LLC and 1135 South LA Street Fashion District, LLC. The complaint, and the Application for Writ of Attachment, are based on alleged breaches of a cannabis retail lease and assignment of that lease, both of which were executed by Toni Ko on behalf of the landlord entities. Although Ms. Ko is believed to own or control the entities, the Application was supported by a declaration from Robin Yi, the Asset Manager at Bison Property Services and Management, rather than Ms. Ko.

Sabas Carrillo, Unrivaled’s Chief Executive Officer said, “We will continue to work with all of the Company’s creditors in good-faith. During the last 12 months of turn-around efforts, we have been and continue to be successful in negotiating fairly with numerous parties and reasonably resolving over $50.0 million in debt. We will oppose the Application for a Writ of Attachment and will continue to explore reasonable outcomes to the litigation.”

Ms. Toni Ko is a Forbes listed America’s Self-Made Woman. Forbes.com lists Ms. Ko’s net worth at $340.0 million and indicated that she has been investing in commercial real estate in California, Texas, West Virginia, and Florida.

Mr. Carrillo added, “The cannabis commercial real estate market continues to be challenging as does commercial real estate generally. Landlords in the space will continue to have to work with their cannabis tenants.”

About Unrivaled Brands

Unrivaled Brands is a company focused on the cannabis sector with operations in California. Unrivaled Brands operates four dispensaries and direct-to-consumer delivery, a cultivation facility, and several leading company-owned brands. Korova, an Unrivaled Brand, is known for its high potency products across multiple product categories, including the legendary 1000 mg THC Black Bar.

For more info, please visit: https://unrivaledbrands.com.

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Contact:

Jason Assad
LR Advisors LLC.
jassad@unrivaledbrands.com
678-570-6791