United Cannabis Says It Filed Ch. 11 To Stop Takeover

Law360 (April 30, 2020, 10:26 PM EDT) -- Colorado-based United Cannabis Corp. told a bankruptcy judge Wednesday that its decision to file for Chapter 11 protection last week was a last-ditch effort to stave off a creditor's plan to take over the business.

United Cannabis, whose shares trade on the over-the-counter market, filed its petition for reorganization on April 20, a day normally reserved for celebrations of marijuana. Most bankruptcy courts have been hostile to cannabis businesses given their federally illegal status, so United Cannabis' petition could be another test case for the industry.

United Cannabis told U.S. Bankruptcy Judge Joseph G. Rosania Jr. on Wednesday that its decision to file the...

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