diff --git a/src/openedx_content/migrations/0005_containertypes.py b/src/openedx_content/migrations/0005_containertypes.py
index 65250188a..ad9ceed51 100644
--- a/src/openedx_content/migrations/0005_containertypes.py
+++ b/src/openedx_content/migrations/0005_containertypes.py
@@ -29,6 +29,14 @@ def backfill_container_types(apps, schema_editor):
         raise ValueError(f"container {unknown_containers[0]} is of unknown container type. Cannot apply migration.")
 
 
+def clear_container_types(apps, schema_editor):
+    """
+    Drop the contents of the container_type field for the reverse migration.
+    """
+    Container = apps.get_model("openedx_content", "Container")
+    Container.objects.update(container_type=None)
+
+
 class Migration(migrations.Migration):
     dependencies = [
         ("openedx_content", "0004_componenttype_constraint"),
@@ -68,7 +76,10 @@ class Migration(migrations.Migration):
             ),
         ),
         # 3. Populate the container_type column, which is currently NULL for all existing containers
-        migrations.RunPython(backfill_container_types),
+        migrations.RunPython(
+            code=backfill_container_types,
+            reverse_code=clear_container_types,
+        ),
         # 4. disallow NULL values from now on
         migrations.AlterField(
             model_name="container",
diff --git a/src/openedx_core/__init__.py b/src/openedx_core/__init__.py
index 03fd9fd50..2d323bdeb 100644
--- a/src/openedx_core/__init__.py
+++ b/src/openedx_core/__init__.py
@@ -6,4 +6,4 @@
 """
 
 # The version for the entire repository
-__version__ = "0.38.0"
+__version__ = "0.38.1"