For nearly three decades, the American cannabis industry has existed in a condition that can only be described as legally schizophrenic. States have licensed, taxed, regulated, insured, zoned, audited, and in some cases rescued cannabis businesses, while the federal government has simultaneously insisted that every dollar generated by those same businesses is derived from criminal activity. Courts have struggled to reconcile this contradiction. Banks have largely refused to touch it. Insolvency systems are fractured under its weight and relief for bankrupt businesses can only come through receiverships, corporate dissolutions or assignments for the benefit of creditors.
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