Cannabis Business Legal News

A recent decision from the Bankruptcy Appellate Panel of the Ninth Circuit is another in a small, but growing line of cases finding that bankruptcy cases need not be mandatorily dismissed simply because they touch upon marijuana related businesses or their assets.  In turn, that realization could, and should, lead to a much needed change in thought over the general availability of bankruptcy protection for operating marijuana related businesses themselves.

The decision, In re Olson, 2018 WL 989263 (B.A.P. 9^th Cir. 2018), involved a 92 year old, legally blind, debtor living in an ...

In the two and half years since Illinois legalized medical marijuana the banking industry remains largely hesitant to bank marijuana-related businesses. This seems true despite a memorandum from the Financial Crimes Enforcement Network (FinCEN) designed specifically to encourage the banking industry to provide, and ease the banking industry’s concerns with providing, financial services to marijuana-related businesses. The February 2014 FinCEN memo itself states that it “clarifies how financial institutions can provide services to marijuana-related businesses ...