Hemp Producer Says Insurance Lapse No Reason To Go Ch. 7

Law360 (May 22, 2020, 5:33 PM EDT) -- Hemp producer GenCanna on Friday asked a Kentucky bankruptcy judge to reject a request by the U.S. Trustee's Office to convert its bankruptcy case to a Chapter 7 liquidation, saying a lapsed property insurance policy is not a sufficient reason for conversion.

GenCanna argued that a Chapter 7 trustee would have no more luck than it has in finding a new policy for the disused property at issue and that conversion would derail the work the company has put in toward an orderly wind-down of its business.

GenCanna, which makes CBD products from processed industrial hemp, filed for bankruptcy in February,...

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