GenCanna Bankruptcy Judge Signs Off On $77M Sale

Law360 (May 19, 2020, 10:12 PM EDT) -- A Kentucky bankruptcy judge gave the go-ahead on Tuesday for hemp processor GenCanna to sell the bulk of its assets in a deal valued at $77 million, allowing MGG Investment Group to recoup on millions it lent the company.

U.S. Bankruptcy Judge Gregory Schaaf signed off on an order allowing GenCanna, which makes CBD products from processed industrial hemp, to sell all of its inventory, intellectual property and licenses to MGG Gencanna Acquisition Corp. The sale represents the best offer GenCanna could get, the judge said.

The deal involves a credit bid of $73.5 million, which covers money MGG lent to...

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