Cannabis Business Legal News

On April 20, 2020, a company called United Cannabis Corp. filed a Chapter 11 bankruptcy case in the United States Bankruptcy Court for the District of Colorado. United Cannabis listed debts to its 20 largest creditors at over $4.9 million. United Cannabis also appears to be a cannabis-related business (or CRB). In other words, it appears that United Cannabis generates at least a portion of its revenue from operating in the cannabis industry. The problem with that is that in almost every case that has been filed in bankruptcy courts across the nation, both CRBs and individuals receiving ...

Lending under the federal government’s Payroll Protection Program (a part of the newly passed Coronavirus Aid, Relief, and Economic Security Act)(the “CARES Act”) began Friday, April 3.  Financial relief under the Small Business Administration’s (the “SBA’s”) newly revamped “Disaster Loan” process has already begun.  In fact, many of the provisions in the CARES Act and similar COVID-19 legislation are aimed at providing financial protections and assistance to businesses struggling during the COVID-19 pandemic.  Yet, one of the nation’s newest and thus ...