Auction for Comco's Cannabis Business Assets Announced in Michigan

January 26th, 2024 Business & Industry Ryan Spegal
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In a significant development in Michigan's cannabis industry, Comco, LLC, known for its involvement in the cultivation, production, processing, and distribution of both medicinal and recreational cannabis, is set to have its business assets auctioned. This move comes under the directive of Gene R. Kohut of Trust Street Advisors, LLC, who is acting as the court-appointed receiver for Comco.

Comco, with its cannabis provisioning centers located in Jonesville and Hanover, Michigan, has been a player in the local cannabis market. The upcoming auction, as per the Jackson County Circuit Court's order dated January 12th, 2024, is scheduled for February 26th, 2024, at 12:00 p.m. Eastern Time.

Interested parties wishing to participate in the auction are required to submit a qualified bid in accordance with the guidelines set by the court's Approval Order by February 16th, 2024. This order not only authorizes the Receiver to conduct the auction but also outlines the bidding procedures. It allows for the sale of Comco's assets free from any liens, interests, and encumbrances. Furthermore, the order includes a proposed form of a purchase agreement, known as the Stalking Horse Purchase Agreement.

For those seeking more detailed information, the Approval Order, Stalking Horse Purchase Agreement, Bidding Procedures, and other related materials are available upon request from the Receiver's counsel.

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