If you’re in the cannabis business, you better not go bankrupt

The Justice Department reminded everyone that marijuana is still illegal in the eyes of Washington and that the federal bankruptcy system will not come to the aid of any cannabis-related company looking to liquidate or restructure.

There’s no question that the business of marijuana is booming.

Twenty-nine states now allow it for medicinal purposes and nine other states either allow or have proposed laws to allow it to be used for recreational purposes.

Some estimates are saying that the industry could generate revenue surpassing $24 billion by 2025.

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