November 2021
Feature Article
-
As U.S. Cannabis Industry Grows, Produces Distress, Bankruptcy Relief Remains Limited
The U.S. Bankruptcy Code provides relief to debtors to maximize value for the benefit of their creditors and other stakeholders. Such relief is extremely limited when debtors are state-legalized marijuana businesses, as they are denied access to Bankruptcy Courts because the manufacture, distribution, and dispensing of marijuana remain federal crimes under the Controlled Substances Act […]
More from this Issue
-
Opportunities Abound Despite Legal Uncertainty Surrounding Cannabis Industry
It is rare that you find a restructuring professional without an opinion (or two) on an insolvency topic, but when we started to plan this month’s issue of the JCR, the reactions were more restrained. Given the continuing struggle between federal and state law, many U.S. practitioners didn’t know what they could say. Reasons varied […] -
TMA Professionals Are No Strangers to Tackling the New and Unknown
TMA professionals have tackled issues far and wide and are no strangers to the new and unknown. While this issue of the JCR focuses on the realm of cannabis, the underlying story is that of a world that is still largely unknown. Canada fully legalized the recreational use of cannabis in 2018. On the U.S. […] -
Smoke, Fire, and Opportunity
With this JCR issue focused on cannabis, we delve into the Wild West-like intersection of social politics, local government budgets, criminal law, NIMBYism, banking systems, receiverships, bankruptcies, and federal vs. state law. It almost makes one’s head spin thinking about it (pun intended). But beneath the surface, the business issues are really fascinating for us […] -
As U.S. Cannabis Industry Grows, Produces Distress, Bankruptcy Relief Remains Limited
The U.S. Bankruptcy Code provides relief to debtors to maximize value for the benefit of their creditors and other stakeholders. Such relief is extremely limited when debtors are state-legalized marijuana businesses, as they are denied access to Bankruptcy Courts because the manufacture, distribution, and dispensing of marijuana remain federal crimes under the Controlled Substances Act […] -
Marijuana-Related Businesses Ineligible for Remedies Under Federal Law Have Other Options
More and more U.S. states have legalized the cultivation, distribution, and use of marijuana. Some states have legalized it only for medical purposes, while others have also legalized it for recreational purposes. As two examples, New York State recently enacted the Marijuana Regulation and Taxation Act, which legalized the use of marijuana for recreational purposes. […] -
A View from the North: Canada’s Experience with Legalised Cannabis
Canada is the first G7 nation to federally legalise the use of cannabis for both medical and recreational use, and can be considered the world leader in a global trend of deregulation. Starting in 2001, authorized medical patients were legally able to access cannabis through the Medical Marijuana Access Regulations.1 Thirteen years later, the Marijuana […] -
Proceed with Caution: Chapter 15 at the Intersection of the CSA and Bankruptcy Code
The growing trend of cannabis legalization in the United States and abroad has created a level of uncertainty for U.S. cannabis operations experiencing financial distress. In particular, because cannabis remains illegal at the federal level, cannabis and cannabis-adjacent businesses have largely been unable to obtain bankruptcy protection under the U.S. insolvency scheme. As these businesses […] -
Restructuring Trends in the Cannabis Industry in Canada and the U.S.
The nascent cannabis industry is in a state of constant flux. Starting in 2012 and leading up to today, buying and selling cannabis has varying legal implications, depending on the country, as well as the U.S. state.1 The different stages of legalization have created significant opportunities and presented many pitfalls, depending on whether one is […] -
Despite Challenges, Significant Opportunities Exist for Informed Cannabis Investors
It should come as no surprise that cannabis is one of the fastest growing industries in the United States. In spite of the current federal illegality of cannabis,1 the numbers indicate that it is only a matter of time before cannabis’s status as a Schedule I controlled substance under the Controlled Substances Act (CSA)2 is […] -
Running Buddies: Amanda K. Schlitz
Q: How did you gravitate into turnaround/restructuring work? Schlitz: Sometimes you get lucky and fall where you’re supposed to land. That’s what happened to me. My first favorite law school class was commercial transactions. I liked the business component to it. Right around that same time, I heard a rave review for a secured transactions class. […] -
Newcomers: November 2021
Alabama Andrew Cicero III, Burr & Forman LLP John Cox Webb Miller, Porter Capital Corporation Atlanta Heather Dean, Growth 1776 Dana C. Knowlton, MidCap Financial LLC California – Southern Spencer Ferrero, Development Specialists Inc. Amir Gamliel, Perkins Coie LLP Brandon J. Hodges, White Oak Commercial Finance LLC Chris R. Ratigan, Monterey Financial Services Inc. Arun Varanasi Cynthia Vazquez Chesapeake Arlen […]
Snapshot Article
Upcoming
2024 TMA Annual Conference
October 15 – 18, 2024
Loews Philadelphia
Philadelphia, PA