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With the SAFE Banking Act now pending in Congress, financial institutions would do well to begin considering the necessary due diligence to potentially service the cannabis industry.
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Can a landlord receiving rent from a cannabis businesses file a Chapter 11 Plan of Reorganization or will their plan go up in smoke because cannabis remains illegal under federal law?
Michigan law would require an amendment to allow insolvent cannabis-related businesses to wind down because they are barred from seeking federal bankruptcy protection.
Tags: Bankruptcy, Cannabis
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