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Marijuana and Bankruptcy? Not Really
The legalization of marijuana for medical use in some states has provided new business opportunities. Like many others, parties engaged in or deriving income from the legal commercialization of medical marijuana, either directly or through another party ( e.g. , via lease or license) (“Marijuana-Related Parties”), are not immune to financial distress, and sometimes, seeking bankruptcy relief may be strategic or necessary. Unfortunately, Marijuana-Related Parties have found elusive the protections and benefits under the Bankruptcy Code.
Marijuana and the Controlled Substances Act
Enacted in 1970, the Controlled Substances Act, 21 U.S.C. ' 801 et seq. (“CSA”), embodies the federal government's policy concerning the manufacture, distribution, import, export and possession of certain controlled substances that are categorized under five “Schedules.” 21 U.S.C. ' 812. Marijuana is a controlled substance under Schedule I of the CSA. Schedule I controlled substances are considered to have: 1) a high potential for abuse; 2) no accepted medical use in treatment; and 3) a lack of accepted safety for use while under medical supervision.
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