United Cannabis Corp. Files For Ch. 11 In Colo.

By Diana Novak Jones (April 21, 2020, 10:43 PM EDT) -- A cannabis company known for testing the waters with intellectual property filed a Chapter 11 bankruptcy petition in Colorado on Monday, creating what could be another test case for the industry.

On April 20, a day normally reserved for celebrations of marijuana, United Cannabis Corporation filed a petition for reorganization before a federal bankruptcy judge. Most bankruptcy courts have been hostile to cannabis businesses given their federally illegal status, but United Cannabis has a unique situation.

Colorado-based United Cannabis, whose shares trade on the over-the-counter market, has said in U.S. Securities and Exchange Commission filings that its focus is on manufacturing...

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