The Massachusetts Bar Association’s new Cannabis and Hemp Law Practice Group invites you to attend its next meeting on Thursday, Jan. 25, from 3-5 p.m., for a virtual talk: “Growing Pains in the Cannabis Industry: The Availability of Bankruptcy & Receivership.” The meeting is held in partnership with the Complex Commercial Litigation Section.
As the industry has matured, some cannabis businesses are suffering from financial distress. Bankruptcy, however, is not an option. Most federal bankruptcy courts refuse to grant relief to cannabis businesses because federal law continues to classify cannabis as a controlled substance. As a result, owners and creditors of cannabis businesses must seek relief in the state courts, including the appointment of a receiver. This program will review the state of the current law on the eligibility of cannabis businesses for bankruptcy relief, explore how receivership and other state law remedies may be used to reorganize or liquidate a distressed cannabis business, and consider how rescheduling cannabis could change the dynamics.
Presenters will include: Complex Commercial Litigation Section member Francis C. Morrissey, who is a partner at Morrissey, Wilson & Zafiropoulos LLP and a lecturer at Boston University School of Law and New England Law | Boston; Michael Fencer, a partner at Casner & Edwards LLP; and Christine Baily, of C Baily Law LLC, who is the chair of the MBA’s Cannabis and Hemp Law Practice Group and the former general counsel of the Cannabis Control Commission.
To attend this talk at the Cannabis & Hemp Law Practice Group meeting, RSVP here to receive the Zoom information.