LOS ANGELES — Pachulski Stang Ziehl & Jones LLP (“PSZJ”), the nation’s leading restructuring boutique law firm, announced today that it has formally established its Cannabis Restructuring Group to provide legal corporate restructuring services to cannabis industry companies, lenders, and investors, among others. PSZJ’s Cannabis Restructuring Group will also provide restructuring services to ancillary companies (e.g., real estate, technology, packaging, etc.), which may qualify for bankruptcy under federal law.
PSZJ has been advising clients in the cannabis industry for half a decade and has been at the forefront of the intersection of cannabis and insolvency law, regularly representing companies, lenders, and investors in out-of-court restructurings and related merger and acquisition transactions. Most recently, PSZJ served as counsel to the ad hoc group of noteholders of Loudpack, a vertically integrated cannabis company, in connection with the three-party merger of Loudpack, Harborside, and Urbn Leaf. In addition to noteholders, PSZJ represents or has recently represented creditors involved in cannabis related insolvencies, as well as companies exploring options in this increasingly competitive industry.
“The goal of our Cannabis Restructuring Group is to continue to provide quality legal restructuring services to the cannabis industry. Although bankruptcy may not currently be an option for many companies, our law firm is able to facilitate negotiations among lenders and borrowers, which provides critical process stability in difficult times,” says Jason Rosell, the partner leading the effort.
Recreational or adult-use of cannabis is legal in 18 states and the District of Columbia, while medical use of cannabis is legal in 39 states and the District of Columbia. The legitimacy of the cannabis industry can no longer be ignored.
“Our experience in the cannabis industry positions us to continue to creatively assist cannabis industry players with restructuring options as the nation warms up to legalization. We look forward to the day when bankruptcy courts open their doors to the cannabis industry. Until then, we stand ready to provide out-of-court solutions to all participants in this unique space,” concludes Rosell.
For more information, please visit PSZJ’s Corporate Restructuring Group website at:
About Pachulski Stang Ziehl & Jones LLP
PSZJ, the nation’s leading restructuring boutique law firm, currently represents or in the past year has represented companies, secured lenders, and ad hoc groups of noteholders within the cannabis industry. PSZJ attorneys are experienced in representing all major constituencies in bankruptcy proceedings and out-of-court workouts, including debtors, committees, assignees, trustees, bondholders, and asset purchasers. PSZJ also handles sophisticated business litigation and transactional matters as part of its renowned practice. PSZJ, with offices in Los Angeles, San Francisco, Wilmington (DE), New York, and Houston, was recently named a “Bankruptcy Law Firm of the Year” by U.S. News & World Report, and a “Restructuring Powerhouse” by Law360.