Winding Down a Cannabis Business in New Jersey
If it is time to close, doing it right matters. An orderly wind down of your New Jersey cannabis business protects you personally and treats creditors fairly, without a federal bankruptcy you cannot file.
Close on your terms
A wind down is a planned, orderly shutdown. We help you sell or dispose of assets, deal with your lease and licenses, pay creditors in the right order, and close the entity in a way that limits your personal exposure.
When it is time to wind down
- The business cannot be saved or sold as a whole
- You want to close cleanly, not just walk away
- You are worried about personal liability
- You need to handle your lease, licenses, and creditors
- Federal bankruptcy is not available to you
What an orderly wind down covers
- A plan to sell or dispose of assets for value
- Handling your lease and New Jersey cannabis licenses
- Paying creditors in the correct priority
- Closing the entity properly
- Protecting you personally wherever possible
Common questions about Winding Down a Cannabis Business in New Jersey
Why not just close the doors and walk away?
Walking away can leave you personally exposed to creditors, landlords, and regulators. An orderly wind down handles those properly and protects you in ways a sudden shutdown does not.
What happens to my cannabis license?
Licenses are handled under New Jersey Cannabis Regulatory Commission rules, and sometimes they have transfer value. We address them as part of the wind down.
Can a wind down limit my personal liability?
Often, yes, especially if the business is properly structured. We work to keep liability with the entity and protect you personally as much as the facts allow.