(This is a contributed guest column. To be considered as an MJBizDaily guest columnist, please submit your request here.)
Keith Owens (Courtesy photo)
Owning a marijuana business can be as volatile as the industry itself.
So, what do you do if your company goes up in smoke?
For plant-touching marijuana companies, bankruptcy hasn’t been considered an option to date.
U.S. bankruptcy courts dismiss virtually all Chapter 7, 11 or 13 cases involving the restructuring or liquidation of assets owned by cannabis-related entities because the plant is still classified as a Schedule 1 drug under the Controlled Substances Act (CSA), and U.S. Bankruptcy Code generally mandates that debtors comply with applicable non-bankruptcy laws.
ADVERTISEMENT
Filing for bankruptcy abroad Brett Axelrod (Courtesy photo)
The restriction, however, does not apply
Read full article on Marijuana Business Daily
