Bankrupt GenCanna Says Board Chair's Company Owes $4.4M

Law360 (October 15, 2020, 5:54 PM EDT) -- Bankrupt hemp company GenCanna is suing a hemp company run by the chairman of its board of directors as part of its Chapter 11 proceedings, saying the chairman used his position at GenCanna to funnel millions of dollars to his side business but repaid none of it.

GenCanna, now known as OGGUSA Inc. since the company entered into an agreement to sell the bulk of its assets, says board chair Michael Falcone siphoned more than $4 million in cash and benefits from GenCanna to his company, Southern Tier Hemp.

In addition to giving Southern Tier a $750,000 loan, GenCanna paid a...

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