A cannabis dispensary and consumption lounge located at 8448 Santa Monica Blvd is up for sale in the city of West Hollywood. According to several listing sites, the business is being sold by way of court ordered receivership and is subject to court confirmation. Through the court receivership, 1.5M has already been put into the build out and is 90% complete.
This listing is exclusive through Green Life Business Group, Inc. and is being billed as a “great opportunity to acquire a cannabis retail, delivery and consumption business in one of the most desired destination cities in all of California, West Hollywood. This license is currently located in a prime location and market that has limited licensing representing a greater value.”
The listing states that the current location is about 90% built out and will need further construction in order to complete the buildout and complete the licensing process.
Green Life Business Group does not reveal the location. Interested parties must sign an NDA/Waiver and have proof of financials before any other detailed information is released. However, markers point to lot #867, which LoopNet reveals as a “Beautiful Dispensary & Consumption Lounge #867,” located at 8448 Santa Monica Boulevard (across the street from IHop).
According to a Green Market report, a year and a half after making a $1 million loan to Aeon Botanika Los Angeles Inc. and Golden Phoenix Holdings LLC, Cutter Mill Credit LLC is suing the two entities for not repaying the money.
The report states that the loan was made in March 2021, with the expectation that it would be repaid within 48 months. However, by December 2021, the borrowers requested and were granted multiple deferments on their payments. They also increased the amount of the loan by an additional $305,000. As of October 7, 2022, the borrowers owed a total of $2 million in principal and $315,460 in unpaid interest, along with additional fees.
The legal complaint filed by Cutter Mill alleges that the borrowers did not have the means to repay the debt and sought to seize any cannabis licenses held by the companies as collateral. The complaint also notes that the companies occupy properties located at 8448 Santa Monica Boulevard in West Hollywood and 1144 S. La Brea Avenue in Los Angeles.
In 2017, the West Hollywood City Council passed a law allowing for the licensing of various cannabis businesses in the city. The selection process for applicants was based on merit, and in May 2018, the city received over 300 applications from over 120 different applicants. Only the top 8 were granted licenses. On June 30, 2022, the “Provisional” or temporary license program in California expired, meaning that in order to legally operate, a full Annual license or an already existing state provisional license must be obtained.