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At present, 25 states, including the District of Columbia, have legalized marijuana. While the number of states and territories with laws and policies allowing for the cultivation, sale, distribution and possession of marijuana for recreational or medicinal purposes has grown over the last decade, marijuana continues to be classified as a Schedule I controlled substance, in the same category as heroin and ecstasy, under the federal Controlled Substance Act (CSA). The growing disconnect between federal and state marijuana laws and policies creates legal risks for not only those engaged in the cultivation and sale of marijuana, but also for suppliers, landlords, investors and financial institutions directly or indirectly related to marijuana businesses.
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Seventh Circuit Applies Safe Harbor to Private Securities Transaction
By Michael L. Cook
“… [T]he term ‘securities contract’ as used in [Bankruptcy Code] §546(e) unambiguously includes contracts involving privately held securities,” The Seventh Circuit held in Petr v. BMO Harris Bank, N.A.
By Lawrence J. Kotler and Elisa Hyder
In Lafferty v. Off-Spec Solutions, the U.S. Bankruptcy Appellate Panel of the Ninth Circuit held that the discharge exceptions under Section 523(a) do not apply to corporate debtors under Subchapter V of Chapter 11 of the Bankruptcy Code.
Merchant Cash Advances Could Be More Trouble Than They’re Worth
By Joseph Pack and Jessey Krehl
As small-business owners have continued to struggle in an uncertain economy, a growing number have begun the dangerous practice of relying on merchant cash advances — essentially seeking financial shelter in a lion’s den.
Biotech Industry Bankruptcy Case Update: ‘Zymergen’ and ‘Humanigen’
By Edward E. Neiger, Marianna Udem and Joo Hee Park
This Bankruptcy Case Update focuses on the recent biotech industry bankruptcy cases of Zymergen and Humanigen.
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