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US: Cannabis company files bankruptcy

A Denver-based company that builds greenhouses for marijuana growers and has raised more than $15 million from investors, has filed for Chapter 11 bankruptcy, reports.

Denver-based GrowCo Inc, a majority owned subsidiary of Two Rivers Water & Farming Company, said in the filing last week that it owes at least $8.55 million to fewer than 50 creditors, although it disputes several million dollars’ worth of those claims.

The company listed assets in the $1 million to $10 million range.

GrowCo has been one of the early adopters in the cannabis markets and built a massive greenhouse to grow cannabis.They expected to provide its greenhouses to licensed growers in other states. Last year articles reported how they did not pay back millions in loans. 

Read the complete article here.

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