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Debtors Marijuana

McGlinchey Stafford

Impacts of Cannabis Rescheduling on Bankruptcy

McGlinchey Stafford on

Despite the excitement of many over rescheduling cannabis from Schedule I to Schedule III, the move does not make cannabis “legal” unless it is produced, sold, and used within the tightly regulated parameters of the...more

Seyfarth Shaw LLP

Budtender Bankruptcy Blindside

Seyfarth Shaw LLP on

In a recent legal development that underscores the intricate interplay between federal bankruptcy law and the cannabis industry, a court case has emerged involving a bankruptcy filing by an employee of a cannabis company....more

Troutman Pepper

How Cannabis Cos. Are Adapting in Shifting Bankruptcy Arena

Troutman Pepper on

Although the possession and sale of cannabis remain federally illegal under the Controlled Substances Act, the U.S. Department of Justice has largely exercised a general policy of nonprosecution for state-regulated cannabis...more

Troutman Pepper

Bankruptcy in the Cannabis Space

Troutman Pepper on

Though controversial, cannabis has steadily grown into a booming industry. Despite this rapid growth and the legalization of cannabis in numerous states, cannabis is still classified as a Schedule I drug under the Controlled...more

McGlinchey Stafford

Cannabis and Bankruptcy, Ep. 2: Considerations for Businesses [More with McGlinchey, Ep. 54]

McGlinchey Stafford on

In the second installment in a three-part series exploring issues in cannabis and bankruptcy, McGlinchey attorneys Heidi Urness, Timothy Byrd, and Rudy Cerone dive into the bankruptcy protections available to businesses,...more

Patterson Belknap Webb & Tyler LLP

Bankruptcy Court Won’t Dabble in Case Concerning a Marijuana Business

“[E]nsnared between his involvement in a business that is legal under the laws of Arizona but illegal under federal law,” one debtor’s chapter 13 petition was recently dismissed due to his undisputed violations of the...more

Rivkin Radler LLP

Cannabis Investors and Producers Face Need for Due Diligence

Rivkin Radler LLP on

The cannabis industry is growing in leaps and bounds, but entrepreneurs interested in developing cannabis companies – as well as business people interested in investing in them – must make certain that they know what they are...more

Snell & Wilmer

Is a Bankruptcy Plan that Violates Federal Criminal Law Proposed in Bad Faith?

Snell & Wilmer on

Although legal in many states, marijuana remains illegal under federal criminal law. See 21 U.S.C. § 856(a)(1). One would think that engaging in illegal activity under federal criminal law would preclude relief under federal...more

Amundsen Davis LLC

A Crack In The Courthouse Doors For Marijuana Related Businesses And The Availability Of Bankruptcy Protection

Amundsen Davis LLC on

A recent decision from the Bankruptcy Appellate Panel of the Ninth Circuit is another in a small, but growing line of cases finding that bankruptcy cases need not be mandatorily dismissed simply because they touch upon...more

Nelson Mullins Riley & Scarborough LLP

High Court Faced with the Issue of Marijuana Legalization in Bankruptcy

It was only a matter of time before the budding state laws legalizing marijuana use ran up against the federal government’s treatment of the drug as a controlled substance – and what better place for the two sides to meet...more

Tucker Arensberg, P.C.

Growing Medical Marijuana, Problematic in Bankruptcy, and Out

Tucker Arensberg, P.C. on

Frank Arenas is licensed in Colorado to grow and dispense medical marijuana. He and his wife own a building, half of which is used for the cultivation and the other half of which is leased to a marijuana dispensary. These...more

Sherman & Howard L.L.C.

An Identifiable Risk to Collateral Property That Is Used In The Marijuana Business

The legalization under state law of the marijuana business in Colorado through Amendment 20 (medical marijuana) and Amendment 64 (recreational marijuana) (Amendment 20 and Amendment 64 shall be referred to collectively as the...more

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