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 Track Record: We Built and Operated in Massachusetts Cannabis

We have operated what we now help save.

Grey Birch Associates' principals built, financed, operated, and sold licensed Massachusetts cannabis businesses before founding the firm. That operating record, facilities built, capital raised, teams run, assets sold, and a wind-down lived firsthand, is the foundation of our receivership and turnaround work.

Jeremy Bromberg oversaw the build-out, startup, and sale of a $20M, 60,000 square foot production facility and two Massachusetts dispensaries as Head of Portfolio Operations at CanWell, with a rejuvenated Rhode Island vertical sold to a leading multistate operator. As COO of Grand Cru Medicinals he raised $15M in private equity and directed a $7M production facility build. As Managing Director of Bridge City Collective he built state-level operating plans for four vertically integrated entities. He is GBA's qualifying receiver.

Carl Giannone built Trade Roots in Wareham, a fully vertically integrated Massachusetts cannabis company: cultivation, manufacturing, and retail under one roof, a $4.9 million Series A raised largely from local investors, and a seven-figure operation with a team across every license type. He called the wholesale price collapse publicly before it arrived (the trade press nicknamed him "Calamity Carl," and Leafly later documented the crash he predicted), and when Trade Roots wound down, he lived the exact process GBA now manages for lenders, creditors, and courts.

Chrissy Cicon has led licensing, compliance, facility build-outs, and three M&A integrations in Massachusetts cannabis since 2017, including the $7M cultivation and manufacturing build and the $20M production facility and two dispensaries that sold to a leading multistate operator within 18 months of breaking ground.

The coverage below is the public record.