Debra Borchardt
Maryland-based Temescal Wellness Maryland, better known as Evermore Cannabis is headed to the auction block on Monday June 26, 2023. The company apparently defaulted on a loan from the lenders Ascend Maryland 2 LLC. The assets are being sold as they were used to secure the loan.
The assets include:
- Cannabis cultivation operations 2200 Girard Ave. Baltimore, MD including the cannabis license and equipment need to operate.
- All cannabis production and kitchen operations at 8 Gwynns Mill Court in Ownings Mill, MD including the cannabis license and equipment need to operate.
- The dispensary operation at 1636-1638 Reistertown Rd., Baltimore, MD including the cannabis license and equipment need to operate.
In 2021, AFC Gamma, Inc. (NASDAQ:AFCG) provided a credit facility of $15.5 million to The Evermore Cannabis Company. The credit facility was designed to provide Evermore with additional capital for the expansion of its cultivation and manufacturing facility in Baltimore, Maryland and to consolidate and streamline its ownership structure.
Evermore, which takes it name from the famous Edgar Allen Poe poem “The Raven.” Poe lived in Baltimore for a short period of his life. The company was established in 2016.
Tax Trouble
In 2020, the company filed a lawsuit claiming that Colorado-based payroll processor Faces Human Capital and kept $115,000 meant to cover employee federal and state taxes in 2018 and have failed to repay it. Temescal said in the complaint that Faces illegal conduct has caused over $135,000 in damages to the company, in the form of Federal and State tax payments, legal and accounting fees, penalties and interest.
Temescal has apparently had bad luck in picking vendors. It also filed a complaint against Texas-based Employer Tools & Solutions Inc., which does business as ETS Payroll. Temescal said in its complaint that ETS did not make direct deposits to employees or pay their state and federal taxes during the latter half of 2018, and that the amount outstanding was $175,000.
Evermore was created in 2018 when the company separated from Temescal Wellness. At that time Evermore was Baltimore City’s only licensed medical cannabis cultivator and processor. The original Temescal Wellness is in New Hampshire and Massachusetts.
