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US (CO): Cannabis greenhouse developer hit with $2M collections suit

A Denver firm that built a massive greenhouse to grow cannabis has not paid back millions in loans, according to a recently filed lawsuit, BusinessDen reports.

GrowCo, which was founded in 2014 to develop industrial greenhouses near Pueblo and lists an office at 2000 S. Colorado Blvd., was sued by Blue & Green LLC for defaulting on $2.1 million in loans.

Blue & Green sent written notice on the default to GrowCo on Nov. 16, according to the lawsuit.

“Despite such written demand, GrowCo has failed to cure its defaults under the notes, and has failed to make the payments due,” the suit says.

The Denver Post reported in 2015 that GrowCo was building on two 40-acre sites in Avondale, Colorado. Each site would have a 91,000-square-foot greenhouse and 15,000-square-foot warehouse and processing facility. According to the Post, GrowCo paid around $45 per square foot to build the space, and planned to lease the greenhouse to Suncanna for $20 per square foot on a triple net basis.

Read more at BusinessDen (Kailyn Lamb)

Publication date: 1/29/2018

 


 

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