United Cannabis' Ch. 11 Dismissed In Blow To Pot Sector

Law360 (January 13, 2021, 2:33 PM EST) -- A Colorado bankruptcy judge threw out United Cannabis Corp.'s Chapter 11 bankruptcy on Tuesday, siding with the U.S. Trustee who argued the company's connection to illegal marijuana is too close to use the bankruptcy process.

In a one-page order dated Tuesday, U.S. Bankruptcy Judge Joseph Rosania Jr. said he was granting the U.S. Trustee's motion to dismiss. The order did not elaborate on his reasoning, just noting that the judge found good cause for granting the motion.

Judge Rosania's ruling comes nearly nine months after United Cannabis Corporation, or UCANN, filed for Chapter 11 protection. The company had claimed it is...

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