What is a cannabis receivership?

A cannabis receivership is a court-supervised process in which a neutral third party, the receiver, takes control of a distressed cannabis business to protect its value, keep the license compliant, and maximize recovery for creditors. It is the cannabis industry's main alternative to bankruptcy.

Why can't a cannabis company just file for bankruptcy?

Because cannabis is still federally illegal, cannabis businesses generally cannot use the federal bankruptcy system. A state-court receivership is the primary path to an orderly turnaround, sale, or wind-down.

What does CCC pre-approved receiver mean?

The Massachusetts Cannabis Control Commission keeps a list of pre-approved court appointees who are cleared to operate licensed cannabis businesses under court supervision. Pre-approval means a receiver can be appointed faster, without separate vetting delays.

What happens to the cannabis license during a receivership?

Protecting the license is the first priority. Grey Birch Associates notifies the CCC, files the required reports, and keeps the license active throughout the case, because a lapsed license is a total loss of value.

What is the difference between a going-concern sale and an asset sale?

A going-concern sale transfers the operating business as a working entity; an asset sale sells the assets individually. Grey Birch Associates pursues whichever path recovers the most value for creditors.

Who does Grey Birch Associates work for?

Lenders, creditors, courts, and attorneys who need a qualified receiver, as well as operators, boards, and investors facing distress before it becomes a receivership.

How is Grey Birch Associates different from other receivers?

Grey Birch is led by former cannabis operators who have built and run licensed Massachusetts businesses. The firm protects and operates the asset rather than simply liquidating it, which is how creditors recover more.

What is stabilization or performance improvement?

Not every distressed business needs a receiver. Grey Birch can step in earlier as an experienced operator to diagnose problems and execute a turnaround before a court process becomes necessary.

Our Team | Grey Birch Associates Cannabis Receivership

The Team That Built Massachusetts Cannabis

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

Co-Founder & Managing Member

Jeremy, Co-founder and Managing Member of GBA, 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.

Carl Giannone

Co-Founder & Managing Member

Carl, Co-founder and Managing Member of GBA built Trade Roots, 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. At Trade Roots, he successfully 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.

Chrissy Cicon

Chief of Staff & Member

Chrissy, Chief of Staff and Member, is an operations executive with deep experience in the Massachusetts cannabis industry, having led licensing, compliance, site development, and organizational transitions since 2017. She has over 20 years of operational leadership experience across life sciences, market research, consulting, and cannabis industries.

Her cannabis experience spans the full operational lifecycle — from licensing, construction, and compliance to people operations, systems implementation, and M&A transitions. She directed the build-out of a $7 million cultivation and manufacturing facility before leading the buildouts and startups of a $20 million production facility and two retail dispensaries that sold to a leading multi-state operator within 18 months of breaking ground. Across her cannabis career, she has played a leadership role in three M&A events, driving integration planning, organizational design, and operational continuity.

Prior to cannabis, she rose to Director of Global Operations at IQVIA (formerly Quintiles), leading operations for a $175 million consulting division and advising on systems and integration through multiple mergers.

Her experience navigating distressed transitions, M&A integrations, and rapid operational build-outs gives her the expertise to drive efficiency and continuity for a receivership estate.