Bankruptcy Issues in the Cannabis Industry: Strategies Under State and Federal Law for Marijuana, CBD, and Hemp
State-Appointed and Private Receiverships, Alternative Restructurings, Assignments for the Benefit of Creditors, Latest Cases
Recording of a 90-minute CLE webinar with Q&A
This CLE course will examine bankruptcy and insolvency issues presented by the conflict between the legalized use of marijuana in many states and its treatment as an illegal controlled substance under federal law, and provide practical guidance on counseling clients in Cannabidiol (CBD), hemp, and marijuana-related businesses. The panel will review how different courts have ruled--such as the recent 9th Circuit decision in Garvin v. Cook Investments, explain the available federal and state options for distressed companies, and provide innovative strategies and best practices in advising cannabis industry clients.
Outline
- Overview
- Bankruptcy Code
- Caselaw on whether cannabis businesses can obtain relief in federal bankruptcy courts
- Differences between the federal treatment of CBD, hemp, and marijuana related businesses
- Innovative and alternative strategies for relief
- Case studies
- Conclusion
Benefits
The panel will review these and other high priority issues:
- What are the practical implications of federal and state law conflicts?
- What are the primary marijuana related bankruptcy issues?
- What are the specific techniques counsel should employ when advising a distressed marijuana, hemp, or CBD business?
- What concerns should counsel for cannabis businesses have regarding bankruptcy given the illegal nature of the subject matter under federal law?
Faculty
David M. Barnes, Jr.
Attorney
Nelson Mullins Riley & Scarborough
Mr. Barnes is a member of the firm's Banking, Bankruptcy, & Creditor’s Rights group.
| Read MoreMr. Barnes is a member of the firm's Banking, Bankruptcy, & Creditor’s Rights group.
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Michael J. Riela
Partner
Tannenbaum Helpern Syracuse & Hirschtritt
With more than 15 years of experience, Mr. Riela advises companies on complex restructuring, distressed M&A, loan... | Read More
With more than 15 years of experience, Mr. Riela advises companies on complex restructuring, distressed M&A, loan transactions and bankruptcy related litigation matters. He has in-depth experience in advising clients on corporate and real estate bankruptcies, workouts, Chapter 11 and Chapter 7 bankruptcy cases, debtor-in-possession and bankruptcy exit loan facilities, secondary market trading of distressed debt and trade claims, Section 363 sales and bankruptcy retention, and fee agreements and disputes.
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Jason Rosell
Attorney
Pachulski Stang Ziehl & Jones
Mr. Rosell represents debtors and creditors in chapter 11 cases with an emphasis on technology. Prior to joining the... | Read More
Mr. Rosell represents debtors and creditors in chapter 11 cases with an emphasis on technology. Prior to joining the firm, he served as a legal extern for the Honorable Redfield T. Baum, Bankruptcy Court for the District of Arizona. Mr. Rosell is admitted to practice in California and New York. He is a frequent speaker on bankruptcy issues in the cannabis industry.
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Mark A. Salzberg
Partner
Squire Patton Boggs
Mr. Salzberg focuses his practice on bankruptcy litigation, creditors’ rights, debtor reorganizations... | Read More
Mr. Salzberg focuses his practice on bankruptcy litigation, creditors’ rights, debtor reorganizations and complex commercial litigation. He has extensive experience representing debtors, creditors’ committees, financial institutions, secured and unsecured creditors, franchisors and distributors in bankruptcy matters throughout the United States. He has served as the lead appellate counsel in multiple bankruptcy appeals at both the district court and bankruptcy appellate panel levels and regularly counsels clients on intellectual property matters arising under the Bankruptcy Code.
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