On Demand Audio

Cannabis in Canada and the United States: Disparate Treatment Under the Two Insolvency Regimes

(92 reviews)

Produced on June 29, 2020

$ 89 International, Bankruptcy & Restructuring, and Cannabis In Stock
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Course Information

Time 1h 1m
Difficulty Intermediate

Course Description

This presentation,  delivered by Craig Munro of FTI Consulting, Mark Salzberg of Squire Patton Boggs, and John Sandrelli of Dentons, will begin by providing an overview of the cannabis industry in both Canada and the United States, and its current market stresses. It will then discuss how cannabis companies are able to restructure in Canada under insolvency legislation including the Companies’ Creditors Arrangement Act. Next, the program will turn to the U.S. and discuss how cannabis companies are being denied the ability to restructure under the U.S. Bankruptcy Code. Exceptions to the general policy barring these companies from bankruptcy courts will also be covered. Finally, the course will explore the possibility of cross-border bankruptcies under Chapter 15 of the U.S. Bankruptcy Code for Canadian cannabis companies and discuss alternatives to bankruptcy for financially distressed cannabis companies.

Learning Objectives:
  1. Gain an overview of the current market conditions in Canada and the U.S. for cannabis companies

  2. Examine how cannabis companies can restructure under Canadian law

  3. Explore whether cannabis companies can restructure under U.S. bankruptcy law and alternatives to bankruptcy

  4. Discuss the potential for Chapter 15 cross-border cannabis cases

Credit Information

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Mark A. Salzberg

Squire Patton Boggs

Mark Salzberg is a partner in Squire Patton Boggs’ Washington DC office and the firm’s Restructuring & Insolvency Practice Group. He focuses his practice on bankruptcy litigation, creditors’ rights, debtor reorganizations and complex commercial litigation. 

Mark has extensive experience representing debtors, creditors’ committees, financial institutions, secured and unsecured creditors, franchisors and distributors in bankruptcy matters throughout the United States. He has served as the lead appellate counsel in multiple bankruptcy appeals at both the district court and bankruptcy appellate panel levels and regularly counsels clients on intellectual property matters arising under the Bankruptcy Code. 

In addition to his bankruptcy work, Mark has represented parties in a wide variety of complex commercial litigation cases in both state and federal courts, including lender liability suits and other business tort actions, breach of contract, trade secret and noncompete actions. 

Mark was a member of the D.C. Bar Board of Governors from 2014-2015 is currently serving as Chair of the D.C. Bar Regulations/Rules/Board Procedures Committee. Mark was a member of the Law 360 Bankruptcy Editorial Advisory Board from 2014-2017.

Bio: https://www.squirepattonboggs.com/en/professionals/s/salzberg-mark-a

Craig Munro

FTI Consulting, Inc.

Craig Munro is a Managing Director in the FTI Corporate Finance Practice and is based in Vancouver. Craig has been a restructuring practitioner for over 20 years. During his career, he has provided restructuring advice to financial institutions, debtor companies and shareholders in a variety of industries including real estate, mining, technology, manufacturing, forestry, and transportation. Craig has international insolvency experience having worked in Hong Kong for four years, primarily involved in the wind up of a large investment bank. 

Some of Craig’s recent engagements have included:

Appointed by the Supreme Court of British Columbia as the Receiver of a Canadian cannabis company with operations in the US. 

In November 2010, SEFC Properties Ltd., the company that designed and constructed the former athlete’s village used during the 2010 Vancouver Winter Olympics was placed into receivership by an Order of the BC Supreme Court. Craig provided oversight of all aspects of this project including its re-branding and marketing efforts, management of litigation issues, co-ordination of deficiency remediation work and reporting to the Court and secured lender. In addition, Craig led the sales processes for the commercial strata units which were sold using a stalking horse offer, and 119 units contained within three purpose-built rental buildings.

Appointed as financial advisor to a group of bondholders with respect to the Oak Bay Beach Hotel in Victoria, BC. Performed an analysis of the company’s bank accounts to trace the funds raised from the bondholder group in support of litigation seeking to establish a trust claim in priority to the construction lenders.

Acted as the Monitor in a CCAA restructuring of Jameson House Properties Ltd. a high-end residential condominium project located in Vancouver. The restructuring culminated in the successful sale to another developer who completed the project as designed.

Craig is a member of the Insolvency Institute of Canada, a licensed Trustee in Bankruptcy, a Chartered Insolvency and Restructuring Professional and a Chartered Accountant.

John Sandrelli


John is a partner in Dentons' Restructuring, Insolvency and Bankruptcy group. He also serves as Managing Partner of Dentons' Vancouver office , where he oversees more than 70 lawyers offering client service excellence in business law and litigation   to Canadian clients as well as clients in China  and Hong Kong seeking business opportunities in Canada.

John is an accomplished business leader who is consistently recognized as one of Canada’s leading lawyers in restructuring, insolvency and bankruptcy matters. Born and raised in western Canada, he has been involved in almost every recent major restructuring and insolvency case in British Columbia and has acted for clients across every industry including cannabis, mining, forestry, real estate, aviation, energy, retail, media, technology, and manufacturing.

John acts regularly for companies in need of restructuring as well as for trustees, receivers, financial institutions, commercial lenders, noteholders and other creditors. His extensive experience extends to restructurings under both the Companies’ Creditors Arrangement Act and the Canadian Bankruptcy and Insolvency Act. He has been involved in real estate, technology, forestry and mining industry matters and had conducted substantial cross-border work that has provided him with a clear understanding of the United States Bankruptcy Code. John regularly advises global companies on lending and remedy issues in Canada and is frequently retained by other international law firms for his insight on Canadian bankruptcy issues.

Since the legalization of recreational cannabis in Canada in October 2018, John has developed a particular niche in this area. He is considered one of the province’s authorities on the insolvency and bankruptcy issues arising in the developing   legal cannabis industry.

A natural leader who takes a refreshing  approach to his  work  cementing solid relationships through superior service and an in-depth knowledge of his clients,  John will confidently take on complex mandates and provide innovative solutions with integrity and alacrity.

John is a former member of the Canada Region Board and served on Dentons’ Advisory Board of the Asia Pacific Region and Global Advisory Committee.  Under John’s tenure, Dentons’ Vancouver office has solidified its reputation as Vancouver’s true global law firm. It has been recognized repeatedly as one of B.C.’s Top Employers attracting and retaining talented, vibrant and diverse individuals who thrive in a non-hierarchical culture deeply connected to the local community.


Erin B.

Very nice course.

Kathleen S.

Outstanding presentation: extremely comprehensive and timely. Thank you!

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