US Trustee Says Past Pot Biz Enough For Ch. 11 Dismissal
Law360 (May 12, 2020, 9:07 PM EDT) -- The U.S. Trustee's Office pushed a Colorado bankruptcy judge to throw out a Chapter 11 filing from United Cannabis Corp. on Monday, saying the company might claim it exclusively deals with legal hemp but its ties to marijuana are too close to allow a bankruptcy.
United Cannabis' patent covering formulations involving THC, its licenses for that patent, and the company's manufacturing, sale and promotion of THC products should likely get its bankruptcy filing dismissed, the office told U.S. Bankruptcy Judge Joseph Rosania Jr.
Just days after United Cannabis filed for bankruptcy last month, Judge Rosania asked the trustee and the company...
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