MedMen Sued For Almost $1 Million In Unpaid Back Rent

Thor Equities must be seeing red whenever a cannabis company wants to rent

Thor Equities must be seeing red whenever a cannabis company wants to rent one of its spaces. The real estate company has sued the High Times group in San Francisco for not paying rent on space and now it is going after MedMen  (OTC: MMNFF) for the same thing. In a complaint filed on July 15, 2022, Thor Equities claims MedMen owes the company $950,960.02 in unpaid rent for 942-944 West Fulton Street, Chicago, Illinois 60611. The lease was signed June 28, 2019, and Thor says MedMen hasn’t paid any rent since August 2021.

The complaint states, “For each month from August 2021 to the present, Tenant was required to pay Landlord base rent of $70,726.67, operating costs of $2,666.67, and insurance costs of $556.29. The monthly real estate charge of $4,429.26, in effect in August 2021 through March 2022, increased to $5,014.59 in April 2022.” The leaseholder is technically MM Enterprises USA LLC. In addition to that, MedMen’s guarantor is MedMen Enterprises Inc. which agreed to pay if MedMen didn’t have also ditched the landlords and not paid the rent.

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