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