GREY BIRCH ASSOCIATES
When a cannabis company defaults, asset value is at risk. You deserve a receiver who understands your business.
Grey Birch Associates is Massachusetts' only CCC pre-approved receivership firm led by former cannabis operators and the Commission's first General Counsel. We preserve asset value and maximize creditor recovery — fast.
About
GREY BIRCH ASSOCIATES
We've been where your client is.
The GBA team has built and operated cannabis businesses in Massachusetts — through licensing battles, CCC audits, supply chain crises, and capital crunches. We know what it feels like to fight for a license. We know what it costs to lose one.
That's why we do this work differently.
Grey Birch Associates is the only Massachusetts receivership firm that combines:
CCC pre-approved receiver status — faster appointment, no delays
Hands-on cannabis operating experience — Trade Roots, Affinity, Summit, Bridge City Collective, MassMedicum
The Commission's first General Counsel — Christine Baily, who helped author the regulations your client operates under
We are not liquidators. We are operators who understand that protecting asset value is how creditors get paid.
In Massachusetts, 30+ cannabis licenses are in receivership.
The number is growing. When a cannabis business defaults, many receivers treat it like any other asset liquidation. They don't understand CCC compliance. They don't understand cannabis operations and how to leverage it for recovery.
The result: licenses lapse. Employees leave. Vendors cut off supply. And creditors recover pennies on the dollar from an asset that was worth millions.
Protecting asset value requires a receiver who has actually run a cannabis business.
Just like the grey birch tree that grows after a fire, we are focused on regrowth and resilience in a burned-out cannabis industry.
why grey birch associates?
We distinguish ourselves from traditional firms by leveraging our direct experience as former cannabis operators. This hands-on perspective allows us to navigate receiverships and advisory services with unmatched practical insight.
Here's how we work.
Every GBA engagement follows a proven four-step process:
Step 1: Protect the License
From the moment we're appointed, our first priority is CCC compliance. We notify the Commission, file the required reports, and ensure the license stays active throughout proceedings. A lapsed license is a total loss. We don't let that happen.
Step 2: Stabilize Operations
We walk the floor. We talk to the staff. We quickly assess inventory, vendor relationships, cash position,and compliance status. We stop the bleeding before it becomes a hemorrhage.
Step 3: Maximize Recovery
With operations stabilized and the license protected, we work with creditors, courts, and the CCC to identify the path to maximum recovery — whether that's a going-concern sale, asset sale, or structured wind-down.
Step 4: Execute and Report
We provide transparent, timely reporting to all stakeholders — courts, creditors, and the CCC.
No surprises. No delays. No excuses.
Core services
Receivership
For lenders, creditors, and courts seeking a receiver who protects license value. When a cannabis business defaults, every day without a qualified receiver is a day the license moves closer to lapse. GBA's CCC pre-approved status means faster court appointment and immediate regulatory compliance — so the asset that creditors depend on stays intact.
● Pre-approved by the CCC — faster appointment, no vetting delays
● Fast operational diagnostic – we understand your business
● Transparent reporting — courts and creditors always know where things stand
● Going-concern and asset sale experience — we know how to maximize recovery
Stabilization & Performance Improvement
For operators, investors, and boards facing financial distress before it becomes a receivership. Not every distressed cannabis business needs a receiver. Sometimes what's needed is an experienced operator who can walk in, diagnose the problem, and execute a turnaround — fast.
GBA's principals have built and stabilized cannabis businesses from the ground up. We know where the bodies are buried.
● 72-hour operational diagnostic — we find the problem before it finds you
● Hands-on execution — we work alongside your team, not above them
● Financial rigor — inventory, pricing, cost controls, cash management
● Stakeholder communication — creditors and boards stay informed throughout
Every engagement begins with a focused diagnostic assessment followed by a strategic plan with defined milestones. We prioritize practical recommendations, transparent reporting, and hands-on execution to ensure you move seamlessly from insight to impact.
THE COST OF THE WRONG RECEIVER
What happens when a receiver doesn't understand cannabis?
● The license lapses during proceedings — total loss of asset value
● CCC enforcement action is triggered — receivership becomes a revocation
● Employees leave — institutional knowledge walks out the door
● Vendors cut off supply — operations collapse before a buyer can be found
● Creditors recover a fraction of what the license was worth
This is not hypothetical. In Massachusetts, it has happened. It is happening now. GBA exists to make sure it doesn't happen to your client.
When GBA is appointed, here's what you can expect:
For lenders and creditors: your secured position is protected, the license stays active, and you recover maximum value — whether through a going-concern sale or structured asset disposition.
For attorneys: your client's stakeholders are paid, the CCC process is navigated without enforcement action, and the receivership closes cleanly.
For operators: your team is protected, your license is preserved, and the outcome — whatever it is — is the best one available given the circumstances.
We don't promise miracles. We promise expertise, transparency, and relentless execution.
founders
The team that built Massachusetts cannabis is now the team that saves it.
GBA's founders aren't consultants who studied the cannabis industry. They built it — from license applications to CCC audits to multi-million dollar asset sales. When you hire GBA, you get people who have been exactly where your client is.
Jeremy bromberg
Jeremy is a Massachusetts pre-approved cannabis Receiver. An experienced Chief Operating Officer specializing in operational restructuring, receivership-style turnarounds, and strategic growth. His expertise lies in navigating complex challenges to grow revenue and profit while retaining and motivating teams.
In the cannabis sector, Jeremy served as Head of Portfolio Operations for CanWell, LLC, a two-state medical marijuana operator. He oversaw the build-out, startup, and eventual sales of a $20M, 60,000-square-foot production facility and two dispensaries in MA, and a rejuvenated RI vertical to a leading multi-state operator, Green Thumb Industries. Additionally, as Managing Director of Bridge City Collective, he developed state-level operational plans and budgets for four vertically integrated entities.
Jeremy’s experience in distressed and high-growth environments extends to capital formation and infrastructure. As COO of Grand Cru Medicinals, he raised $15M in private equity funding and directed the design and buildout of a $7M production facility. Prior to cannabis Jeremy worked as a contract Chief Operating Officer for professional service firms, and is credited with bringing structure, focus, and improved results to struggling businesses.
Jeremy spent over a decade as Managing Director of Operations for Eidetics, a pharmaceutical and biotech market research firm, where he drove 20%+ annual revenue growth for 12 years.
He holds a background in high-tech manufacturing and product development. He is a graduate of Kenyon College.
As the first General Counsel for the Massachusetts Cannabis Control Commission, she was instrumental in the implementation and growth of the Commonwealth’s medical and adult-use industries. A seasoned legal strategist and regulatory expert with over two decades of public service and litigation experience. She now brings this insider perspective to the private sector, specializing in the stabilization and revival of distressed assets through Grey Birch Associates and her firm, C Baily Law LLC.
During her tenure as General Counsel from 2018 to 2023, Christine guided the Commission through the interpretation of complex statutory frameworks and the promulgation of its regulations. She advised three consecutive Chairs and ensured agency-wide compliance across ethics, labor, finance, and procurement laws, while coordinating litigation strategy with the Attorney General’s Office.
Prior to the cannabis industry, Christine served as Senior Staff Counsel for the Massachusetts Supreme Judicial Court. Previously, as an Assistant Attorney General in the Constitutional & Administrative Law Division, she represented state officers and agencies in matters before state and federal courts, acting as lead counsel in nearly all cases.
Christine holds a J.D. cum laude from Western New England University School of Law and a Master’s in Developmental Psychology from Clark University. She is licensed to practice in Massachusetts, Connecticut, and Maine.
CHRISTINE BAILY, ESQ.
Carl built Massachusetts' first vertically integrated Social Equity cannabis company — and knows firsthand what it takes to survive in this market. A seasoned entrepreneur with extensive experience in the cannabis industry and capital markets. As the Co-Founder of Trade Roots, he successfully established and scaled Massachusetts’ first vertically integrated Social Equity cannabis company. He grew the organization from a conceptual business plan to a seven-figure, revenue-generating operation with over 40 employees across cultivation, extraction, manufacturing, wholesale, and retail divisions.
Carl led multiple funding rounds, forged strategic partnerships, including the first cultivation and extraction collaboration in Massachusetts, and secured crucial biomass contracts to support the company’s extraction and manufacturing divisions. Additionally, he recruited and trained the foundational team, fostering a culture of accountability and compliance.
Responsible for strategy, marketing, and brand, Carl positioned Trade Roots as a premium cannabis brand, achieving widespread recognition and multiple industry awards. He also served as the principal spokesperson, representing the company before regulatory bodies and in major media outlets. Culminating his tenure with the company, he helped lead the strategic asset sale of Trade Roots to another Massachusetts operator.
Prior to the cannabis industry, Carl spent over 15 years trading in New York. He held roles as managing director, trader and registered principal for firms including T3 Trading Group, SunGard (now FIS), Schonfeld, and Trillium Management. Carl is a graduate of Lafayette College.
CARL GIANNONE
Contact Us
The license won't wait. Neither should you.
If you're dealing with a distressed cannabis business in Massachusetts, the window to protect asset value is shorter than you think. GBA moves fast — and we're ready to talk today.