Ice Miller partner John Cannizzaro was quoted in the Bloomberg Law article, “Cannabis Bankruptcy Relief Broadens With Delaware Court Ruling.”
 
The article included:
 
Cannabist’s status as a holding company may have influenced the US Trustee’s decision not to object, said John Cannizzaro, a partner at Ice Miller. Additionally, past objections partly rested on concerns that a court-appointed trustee administering cannabis assets could violate federal law, but Shannon’s order only recognizes a Canadian proceeding in the US, he said.
 
“We have one bankruptcy court that has granted foreign recognition, so we should expect more companies to try it,” Cannizzaro said.
 
“Until changes are made that would make operating or liquidating a cannabis business legal at the federal level, those businesses’ access to relief under Chapter 11 will be restricted,” Cannizzaro said.
 
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