MJ Biz report

A once-significant player in Nevada’s cannabis industry is in the final stages of liquidating more than $12 million worth of assets under the guidance of a state court, offering a potential road map for marijuana businesses that are barred from seeking federal bankruptcy protection.

The legal procedure, known as a receivership, is a key option for struggling cannabis companies in Nevada and perhaps other states that can’t turn to federal bankruptcy court because marijuana remains illegal under U.S. law.

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CWNevada’s receivership might offer blueprint to other financially strapped marijuana businesses