Bankruptcy & Marijuana

Level: Intermediate
Runtime: 59 minutes
Recorded Date: December 06, 2019
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  • Cannabis Industry Overview
  • The Basics
  • Federal Legal Issues
  • Changing of the Guard
  • In re Cook Investments
  • Motion to Dismiss
  • Debtors File Join Plan
  • Plan Confirmation Hearing
  • Appellate Review
  • Takeaways
Runtime: 1 hour
Recorded: December 6, 2019


With the legalization of marijuana in many states, there are now large numbers of individuals and businesses that derive their income from growing and selling marijuana and from other business activities related to marijuana. This session addresses the issues that emerge when individuals and businesses in this industry encounter financial problems. What are the sources of governing law (state/federal)? Is bankruptcy an option? How are marijuana-related income and assets treated? What are a bankruptcy trustee’s rights and responsibilities in dealing with a marijuana-related business? What ethical issues arise for attorneys representing individuals and entities in this industry? How does the U.S. Trustee’s Office address these issues in light of the conflict between federal law and some states’ laws? What is the direction of the developing body of bankruptcy case law regarding this industry?

This program was recorded on December 6th, 2019.

Provided By

American Bankruptcy Institute


Jessica Scardina

Senior Associate Attorney
Vicente Sederberg, LLP

Jessica Scardina is chair of Vicente Sederberg's Colorado regulatory law practice and routinely advises clients on how to navigate the complex and rapidly-changing regulatory landscape. She joined Vicente Sederberg in 2014, when adult-use marijuana licensing began in Colorado, and focuses her practice almost exclusively on marijuana licensing and regulatory compliance.

Working closely with businesses as well as state and local regulatory officials, Jessica helps develop and implement marijuana regulations to advance the marijuana industry in a dynamic and responsible manner. She has assisted clients in obtaining marijuana licenses in various jurisdictions throughout Colorado and is well-versed in the regulations and practices of the MED and most jurisdictions along the Front Range.

Prior to joining Vicente Sederberg, Jessica worked at a small Denver law firm specializing in corporate law, business planning, and taxation. Jessica holds a Bachelor of Arts, cum laude, from the University of California, Santa Cruz. She holds a law degree from the University of Denver Sturm College of Law, where she served as a staff editor for the University of Denver Law Review.

James L. Day

Bush Kornfield, LLP

Jim Day specializes in the resolution of complex commercial creditor-debtor issues, emphasizing the representation of companies and individuals in chapter 11 reorganizations, chapter 9 debt adjustments and out-of-court workout negotiations and agreements.

Jim has significant experience in the residential, commercial and retail real estate sectors, including multiple engagements involving a dozen or more lenders holding claims aggregating over $100 million, and in other industries including manufacturing, tech, fishing and maritime and franchised restaurants. Jim has been named a Super Lawyer by Washington Law & Politics each year since 2003, and was named 2020 Lawyer of the Year in Litigation-Bankruptcy by Best Lawyers.

Eric J. Fromme

Senior Attorney
Theodora Oringher PC

Eric Fromme is an experienced litigator and counselor who advises domestic and international clients facing high-stakes challenges. He also assists private equity funds, hedge funds and other strategic buyers in developing opportunities in the distressed debt arena. A substantial portion of his practice also involves advising boards of directors on corporate governance and fiduciary duty issues and litigation arising therefrom.

Eric has advised clients on, and litigated at the trial and appellate levels, the significant legal issues that arise in today’s business climate, ranging from the need to delever a client’s balance sheet to defending “bet the company” litigation.

Hon. Daniel P. Collins

U.S. Bankruptcy Court, District of Arizona

Daniel P. Collins is a judge on the United States Court of Appeals for the 9th Circuit. On November 13, 2018, President Donald Trump (R) nominated Collins to a seat on this court.[1] The U.S. Senate confirmed Collins' nomination by a 53-46 vote on May 21, 2019. He received commission on May 22, 2019.[2] To see a full list of judges appointed by Donald Trump, click here.

The United States Court of Appeals for the 9th Circuit is one of 13 U.S. courts of appeal. They are the intermediate appellate courts of the United States federal courts.

Collins was a partner in the Los Angeles, California, office of Munger, Tolles & Olson LLP from 2003 to 2019.[3][4] He first joined the firm in 1996.

Collins obtained an A.B., summa cum laude, from Harvard College in 1985. In 1988, he earned a J.D., with distinction, from Stanford University, where he was Order of the Coif. During his legal studies, Collins served as a note editor on the Stanford Law Review.

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