Though cannabis’ status as a Schedule 1 controlled substance has hampered the industry’s ability to fully integrate into the digitally dominated payment world, with credit card issuers refusing to process cannabis transactions, cannabis businesses have historically been able to enjoy similar benefits of efficiency, convenience, and security with debit cards. However, MasterCard’s recent ban on...
2023 may create the harshest conditions yet for the cannabis industry. The economy was already expected to be a challenge to profitability and now turmoil in the banking sector may further distract Congress from passing meaningful marijuana banking legislation, continuing to limit access to credit. Yet, as the market continues its inevitable march toward federal legalization, it is possible to...
Around the time Reuters published our article regarding bankruptcy eligibility, the U.S. Bankruptcy Court for the Central District of California (LA Division) issued a decision in In re The Hacienda Company, LLC, that thoughtfully articulates the balancing of governmental policies, bankruptcy purposes and creditors’ rights a bankruptcy court should engage in when dealing with cannabis and...
You may have heard this before: As cannabis remains a Schedule I drug under the federal Controlled Substances Act ("CSA"), cannabis companies cannot seek bankruptcy relief under federal law. Not so fast. Access to bankruptcy can be highly fact-dependent.
Joseph Cioffi participated in a panel in which cannabis-related businesses learned what they could do to maximize their opportunities to obtain financing in a challenging market, while managing the operational and legal risks that matter most to capital providers.
Joseph Cioffi was quoted in a Real Estate Capital USA article, "Five Things To Know About Underwriting Cannabis-related Real Estate Loans."
Joseph Cioffi was quoted in a National Cannabis Industry Association community blog post “Is American Cannabis Still the Wild West?”
