MariMed Inc (MRMD): Kentucky hemp producer GenCanna has fil...

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Re: MRE1980 post# 2904

Monday, 05/04/2020 5:07:46 PM

Monday, May 04, 2020 5:07:46 PM

Kentucky hemp producer GenCanna has filed for chapter 11 bankruptcy. GenCanna Global USA Inc., a large Kentucky producer of cannabidiol, or CBD, oil and other hemp products, has filed for bankruptcy following cost overruns and construction delays at a new processing center and a fire last year at its existing facility.Feb 6, 2020

Is Chapter 11 bankruptcy bad?
A Chapter 11 bankruptcy is a long and costly process, which can be hard for businesses struggling to stay afloat. While it doesn't force them to sell assets, it can cost them plenty in filing fees and legal fees. After their plan is confirmed, they will be paying off their old debts for a number of years.Dec 16, 2016

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