Cannabis Receivership – What makes it different?
The cannabis (marijuana) industry poses different challenges due to the fact that cannabis businesses are not eligible for bankruptcy protection the same way other businesses are. A distressed cannabis business could attempt to work out voluntary agreements between debtors and creditors, but without court oversight it would be a risky proposition for all parties. The solution is to have a court-appointed receiver manage and protect the assets of the business.
Cannabis Distressed Assets
UnitedAMS has the experience necessary to manage a Receivership and distressed assets in the cannabis industry. Beyond not having the luxury of bankruptcy protection, cannabis businesses also face many challenges with licensing, banking, taxing authorities and State regulatory bodies. UnitedAMS has vast experience navigating all these challenges while focusing on unique resolutions for the benefit of all interested parties.
Cannabis Receiver Services
Our qualified team has been able to implement sustainable strategies and add value to every case through creativity, efficiency, and unmatched experience. As fiduciaries working as a non-affiliated and non-related third party, we understand the importance of protecting and marshaling assets and collateral while the parties resolve their differences. We take pride in our work and manage every cannabis case as if it were our own business. Our greatest satisfaction is to turn distressed cannabis assets and cannabis companies into successful opportunities that result in the highest recovery possible.
Cannabis Receiver Success
UnitedAMS was appointed by the District Court of Nevada as Receiver for a large Nevada cannabis business consisting of cultivation, distribution, production and retail marijuana licenses. In June, 2020, the Receiver was granted permission from the State of Nevada to open a rebranded dispensary in a joint venture with another Nevada license holder. This was the first time that an establishment under control of a court-appointed Receiver was allowed to operate.