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. 

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