Cannabis Law Now Podcast - The 4-1-1 on Cannabis Receiverships from a Top Cannabis Receiver
Podcast - Betty… ¿y si nos vamos a la reorganización?
Findings from Gibbins’ Annual Healthcare Bankruptcy Report
Spotlight on Financial Services- Consumer bankruptcy
Commercial Recovery
SDNY Chooses “Time Approach” to Calculating Lease Termination Damages Collectible Against a Bankrupt Estate
Cannabis and Bankruptcy Laws
The New Value Defense
The “Catch-22” of Preference Law
Consensual Third-Party Releases
Breaking Down the Latest Decision in the Purdue Pharma Case
AGG Talks: U.S. Bankruptcy Basics for Foreign Investors
Repossessions and Bankruptcy Post-COVID, Post-Fulton [More with McGlinchey, Ep. 26]
The Evolution of Cross-Border Restructuring Processes
Blakes Continuity Podcast: What to Expect When Insolvency Crosses the Border
ADR's Big Moment
Bankruptcy Basics and Recent Developments
Podcast - Credit Funds: Make-Wholes and Cramdowns: Understanding the Recent Second Circuit Momentive Decision
Following years of explosive growth and regulatory change, the cannabis industry is at a turning point. Initial enthusiasm has fallen to harsh realities, and many cannabis businesses must address mounting financial pressure,...more
In this episode, Hilary Bricken sits down with Richard Ormond, one of the nation’s leading cannabis receivers and an expert in cannabis receiverships. Richard, a partner at Buchalter and the owner of Stone Blossom Capital,...more
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
With few exceptions, a cannabis-related business (CRB) will be denied access to relief under the U.S. Bankruptcy Code (11 U.S.C. § 101, et seq.) (Bankruptcy Code) because marijuana remains a controlled substance under the...more
1. Commercial Chapter 11 Bankruptcy Filings Have Increased Significantly Year-Over-Year: There has been a significant increase in the number of commercial Chapter 11 cases (larger company filings) in 2024. By way of example,...more
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
A Massachusetts Bankruptcy Court’s recent appellate decision in Blumsack v. Harrington (In re Blumsack) leaves the door open for those employed in the cannabis industry to seek bankruptcy relief where certain conditions are...more
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
A recent court decision shows an evolving stance toward cannabis companies facing financial distress and seeking bankruptcy protection. Taken together with the U.S. Department of Health and Human Services recommending that...more
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
A California court recently confirmed a plan for a cannabis-related business to sell its equity assets in a Canadian cannabis company and distribute the proceeds to creditors, a milestone ruling that may open a new path for...more
Bankruptcy can be a remarkable tool for rehabilitating a struggling business, preserving jobs and going-concern value, and liquidating the assets of an insolvent company. The drafters of this country's bankruptcy laws...more
As discussed in our earlier blog post, In re The Hacienda Company, LLC – a Flicker of Hope for Distressed Cannabis Companies: Bankruptcy May be Available to Liquidate Assets of Non-Operating Cannabis Companies | In Solvency...more
Part 1 of this series discussed the lack of bankruptcy protections for cannabis companies since bankruptcy in the U.S. is an exclusively federal procedure and cannabis remains illegal under federal law and proposed a number...more
As the cannabis industry matures, there will be winners and losers. Losers lack access to the U.S. Bankruptcy Code. Marijuana related assets cannot be sold free and clear of liens and encumbrances via the tried and true...more
The problems facing the cannabis industry arising from its ongoing status as a federally illegal enterprise are numerous and well documented: 280E tax burdens, limited access to banking, exclusion from capital markets, uneven...more
On May 11, 2023, New York’s Cannabis Control Board voted to approve the revised adult-use cannabis regulations. Upon publication in the New York State Register, these draft regulations are subject to another 45-day public...more
While most bankruptcy cases have denied access to federal bankruptcy courts for cannabis and cannabis-related businesses, a Nevada bankruptcy court allowed a chapter 11 case to continue where the Debtor sought to liquidate,...more
In January, a California bankruptcy court issued an opinion providing another lifeline to cannabis companies that could benefit from the protection of the federal bankruptcy code – to reorganize or liquidate assets. The...more
In a case of first impression, a bankruptcy court refused to allow an individual to receive bankruptcy relief because he was, and continued to be, employed by a cannabis business. The United States Bankruptcy Court for the...more
Last Thursday, November 10, 2022, a court-appointed receiver threw the City of Chester, Pennsylvania into bankruptcy. At its most basic, a chapter 9 bankruptcy case is a rarely used provision of the Bankruptcy Code which is...more
Greenberg Glusker bankruptcy and financial restructuring partner Keith Banner joins his colleagues Alexa Steinberg and Steve Stein for a look at the intersection of cannabis and bankruptcy law. Can cannabis companies obtain...more
The federal bankruptcy courts are largely inaccessible to companies that operate in the cannabis space¹. While cannabis companies cannot wholly avoid pending lawsuits, or the ability to restructure or maximize value through a...more
Although the use of cannabis has been legalized in approximately 39 states and the District of Columbia¹ , cannabis is still illegal federally and classified as a Schedule I drug under the Controlled Substances Act. As a...more
Despite the growing public acceptance of marijuana and the fact that a majority of states have legalized marijuana for medicinal purposes (37 states and the District of Columbia have enacted medical marijuana legislation),...more