... if you're a licensed medical marijuana dispensary in Arizona.
Today's bankruptcy news update for the American Bankruptcy Institute included a note about the dismissal of an involuntary bankruptcy cased filed by three creditors against Medpoint Management, which manages the retail business operations of Arizona's Nature Wellness. ANW holds a license issued by the state of Arizona to sell marijuana.
The bankruptcy court dismissed the case at ANW's request because selling marijuana remains illegal under federal law. In other words, no federal remedies for a business that violates federal law.
One wonders what would have happened if ANW had not opposed the involuntary bankruptcy. I assume the United States Trustee would have moved to dismiss but I don't know that would be the case.
Today's bankruptcy news update for the American Bankruptcy Institute included a note about the dismissal of an involuntary bankruptcy cased filed by three creditors against Medpoint Management, which manages the retail business operations of Arizona's Nature Wellness. ANW holds a license issued by the state of Arizona to sell marijuana.
The bankruptcy court dismissed the case at ANW's request because selling marijuana remains illegal under federal law. In other words, no federal remedies for a business that violates federal law.
One wonders what would have happened if ANW had not opposed the involuntary bankruptcy. I assume the United States Trustee would have moved to dismiss but I don't know that would be the case.
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