Hemp Producer GenCanna Files For Ch. 11 Restructuring

Law360 (February 6, 2020, 5:10 PM EST) -- The vertically integrated hemp producer GenCanna Global USA Inc. filed a petition for voluntary Chapter 11 bankruptcy Thursday as part of a reorganization plan that could include a refinancing of the company’s debt or possible sale.

Creditors Pinnacle Inc., Crawford Sales Inc. and integrity/Architecture PLLC filed an involuntary Chapter 11 petition against GenCanna in January. GenCanna, which grows and cultivates hemp plants and processes them into CBD products, responded Thursday, consenting to the bankruptcy case.

GenCanna’s chief transformation officer said a spate of events — including unsuccessful efforts to garner potential sources for equity and debt raises for the company, a...

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