After defaulting on $135 million of unpaid loans, rent and taxes, Michigan’s largest cannabis company Green Peak Innovations Inc. d/b/a Skymint (Skymint) was just thrown into a court-appointed receivership amid a landmark $2.3 billion statewide marijuana market.

While deprived of fundamental debtor tools like bankruptcy protection, cannabis companies may obtain financial distress relief via “workouts” or state law receiverships or assignments for the benefit of creditors (creditors’ assignment).

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