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Hemp in bankruptcy

As a followup to my February 5th posting (link), I wrote this yesterday: “Presumably, since industrial hemp is no longer a controlled substance under the Controlled Substances Act, the same result would not apply to a company working only with hemp, but so far I have not seen any reported cases.

Well, just this morning, the news has crossed the wires that GenCanna, a Kentucky-based hemp company, has filed for bankruptcy protection under Chapter 11 with the U.S. Bankruptcy Court in the Eastern District of Kentucky (link). I will be watching this case closely, as will my colleagues, to see if the Bankruptcy Court even addresses the question of whether a hemp-only company can take advantage of U.S. Bankruptcy protection.


cannabis, bankruptcy, restructuring & insolvency

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