October 2, 2022

Volume XII, Number 275


September 30, 2022

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Restructure This! Episode 3: Canada: Cannabis Boom or Bust? [PODCAST]

Canada legalized recreational cannabis in 2018, but the legal cannabis market continues to struggle even three years later. Observers blame overregulation by both federal and provincial regimes, high taxation, and a thriving black market that continues to sell cannabis at much lower prices. What has this meant for cannabis bankruptcies in Canada, and what lessons can the U.S. learn?  For an in-depth discussion, listen to Episode 3 of Sheppard Mullin’s Restructure This! podcast. We speak with Kathryn Esaw, partner in the Insolvency and Restructuring group at Osler, Hoskin & Harcourt LLP, and Susan Newell, partner in Osler’s Health Industry and Cannabis groups. 


What We Discussed in This Episode:

  • What Canada’s federal Cannabis Act governs and the objectives behind the legislation

  • What aspects of recreational cannabis sales that the provincial laws govern 

  • How the Canadian regime differs substantially from the US, where cannabis is still banned at the federal level but over a dozen states have legalized and regulated it

  • The structural challenges that legal recreational cannabis market in Canada faces

  • How the COVID-19 pandemic impacted cannabis bankruptcies



Copyright © 2022, Sheppard Mullin Richter & Hampton LLP.National Law Review, Volume XII, Number 47

About this Author

Justin Bernbrock Finance Lawyer Sheppard Mullin

Justin Bernbrock is a partner in the Finance and Bankruptcy Practice Group in the firm's Chicago office. 

Justin concentrates his practice on all aspects of corporate restructuring, bankruptcy and financial distress. He represents clients across a wide range of matters, including debtor and creditor representations. He has substantial experience in out-of-court and in-court restructurings, primarily in the Southern District of New York, Eastern District of Virginia, District of Delaware and Southern District of Texas. 

Prior to private practice, Bernbrock served with...