Cannabis companies that run into serious financial trouble are caught between a rock and a hard place–namely, between clashing state and federal laws. One Colorado couple hopes to change that, and those entrepreneurs have appealed the dismissal of their pot wholesaling business’s Chapter 7 bankruptcy filing at the highest-ever judicial level. According to The Deal’s Senior Reporter Kelsey Butler, some advocates say it’s unfair that businesses operating legally in their own states don’t have access to bankruptcy protection due to federal prohibitions on distributing marijuana. It remains to be seen whether pot companies will turn the tables and earn the right to restructure in court. The Deal’s Lisa Allen has the details from New York.
Subscribe to TheStreetTV on YouTube:
For more content from TheStreet visit:
Check out all our videos:
Follow TheStreet on Twitter:
Like TheStreet on Facebook:
Follow TheStreet on LinkedIn:
Follow TheStreet on Google+:
source
