General Assignments for the Benefit of Creditors
- Some cannabis businesses cannot continue to operate and must, therefore, be closed and their assets liquidated.
- As a method of concluding the affairs of a business, the general assignment is faster and more economical than bankruptcy for the creditors of the debtor business.
- Occasionally, CannaForm, as assignee, will operate the business for a short period of time in order to complete work in process or to attempt to sell the business as a going concern.
- CannaForm will hold the funds generated from the liquidation in trust, pending verification and satisfaction of secured claims and identification and payment of statutory priorities, after which remaining funds are distributed to creditors on a pro-rata basis.
Cannabis financial strategy
Covering all areas of the medicinal and adult-use cannabis industry
CannaForm is here to assist with indoor, outdoor, and everything in between.
Edibles, extractions, and all of your manufacturing needs.
Whether it’s the first location in a new jurisdiction or a Type 9 delivery business in Oakland, we are here to help.
Standalone distributor, microbusiness, or vertically-integrated international, CannaForm is at your side.