Because of cannabis’ conflicting legal status at the state and federal levels, the industry generally does not enjoy the same federal bankruptcy protections as other industries, so state court receiverships have become a primary tool for restructurings. The ruling is expected to provide some guidance to practitioners in this developing area of the law.
Because of cannabis’ conflicting legal status at the state and federal levels, the industry generally does not enjoy the same federal bankruptcy protections as other industries, so state court receiverships have become a primary tool for restructurings. The ruling is expected to provide some guidance to practitioners in this developing area of the law.
