bankruptcy – Cannabis Industry

March 28, 2024 by Duane Morris

What Rescheduling Could Mean For Cannabis Bankruptcies

Lawrence J. Kotler, Seth A. Goldberg and Ryan Spengler authored the Law360 article, “What Rescheduling Could Mean For Cannabis Bankruptcies.”

More than 75% of the U.S. population lives in states that have legalized cannabis for adult and/or medical use. Pursuant to a 2022 directive from President Joe Biden, a 2023 recommendation of the U.S. Department of Health and Human Services, and a scientific review released in January supporting the HHS’s recommendation, the U.S. Drug Enforcement Administration is now evaluating whether to reclassify cannabis as a Schedule III drug.

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February 8, 2024 by Duane Morris

Webinar Replay: Bankruptcy, Receiverships and Reorganization

A webinar replay of Mainstreaming Cannabis: Bankruptcy, Receiverships and Reorganization is now available for viewing.

November 3, 2023 by Duane Morris

Bankruptcy Court Sides With Cannabis Business (Twice) in Reorg Plan

Lawrence Kotler and Ryan Spengler authored The Legal Intelligencer article, “Bankruptcy Court Sides With Cannabis Business (Twice) in Reorg Plan.”

“In contrast with a majority of bankruptcy courts that routinely dismiss cannabis-related cases for perceived violations of the Controlled Substances Act (CSA), the U.S. Bankruptcy Court for the Central District of California in the recent opinion In re Hacienda, No. 2:22-BK-15163-NB, (Bankr. C.D. Cal. July 11, 2023), refused to conform to the same historical standard. Instead, the Bankruptcy Court struck down the U.S. trustee’s motion to dismiss not once but twice in favor of confirming a marijuana business’ Chapter 11 plan of reorganization.”

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February 11, 2021February 16, 2021 by Duane Morris

Cannabis 401 Webinar: Tips for Having a Successful Cannabis Workout

Duane Morris is hosting the webinar, “Cannabis 401: How to Prevent Your Cannabis Investment from Going Up in Smoke: Tips for Having a Successful Cannabis Workout,” on February 25, 2021, from 12:30 p.m. to 1:30 p.m.

Please visit the firm website for more information and to register.

July 21, 2017July 26, 2017 by Duane Morris

Is Bankruptcy An Option For Ancillary Marijuana Businesses?

On June 8, 2017, Clifford J. White III, director of the U.S. Trustee Program, proclaimed before a congressional subcommittee that “debtors with assets or income derived from marijuana may not proceed through the bankruptcy system.”

To read the full text of this article, please visit the Duane Morris LLP website.