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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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Landmines In Bankruptcy Appellate Practice, Part III
By Michael L. Cook
When courts have made important exceptions in the past year, they have either added a gloss on the Judicial Code, corrected lawyers’ errors, filled in statutory gaps, or clarified the relevant statutory language.
A Strategic Guide for Lenders to Navigate Anticipated Distressed Loan Fallout
By Jay Steinman and Karina Leiter
The steps outlined in this article offer a strategic guide for lenders, empowering them to navigate the complexities of loan workouts and enforcement actions with resilience and foresight.
Third Circuit: Bankruptcy Code Mandates Appointment of Examiner In Chapter 11 Cases
By Francis J. Lawall and Brenden S. Dahrouge
The Third Circuit recently held in 'In re FTX Trading' that the plain text of Section 1104(c)(2) mandates the appointment of an examiner under the specified conditions set forth. As a result, the FTX decision will carry significant implications for large and medium-sized bankruptcy cases.
By Lawrence J. Kotler and Ryan Spengler
The Central District of California court held that a bankruptcy court’s administration of cannabis-related state court claims against a debtor’s estate is not a violation of the Controlled Substances Act.