A cannabis business, whether a plant-touching operation or a provider of goods and services to a plant-touching operation, has limited options when it comes to a wind down, work out, or liquidation. Cannabis remains illegal at the Federal level and falls underneath state jurisdiction, therefore cannot seek protection from the Bankruptcy Court, as Bankruptcy Court is Federal Court. As such, cannabis related businesses do not have the benefit of a court approved restructuring as provided by Chapter 11 of the Bankruptcy Code and do not receive the benefit of an orderly liquidation as provided by Chapter 7 of the Bankruptcy Code.
This webinar is Part 3 of a series and will build upon the first two (Part 1: Politics & Policy: Update on CRE and Cannabis Legalization; Part 2: Cannabusiness: The Business of Cannabis Real Estate) to address the capital stack, sources of debt and equity in the marketplace, lender collateral, and the work out remedies that exist for a failing cannabis business, including restructuring and receivership.
Samantha Gleit, Partner, Feuerstein Kulick LLP Travis Goad, Managing Partner, Pelorus Equity Group Irán Hopkins, Partner, Real Estate, Akerman LLP Aram Ordubegian, Partner, Chair of the Cannabis Industry Practice Group, ArentFox Schiff LLP Max Riffin, Partner, Prince Lobel Tye LLP
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