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StateHouse Holdings Inc. (STHZF) is a vertically integrated cannabis enterprise in California and Oregon. Established in 2006, it operates 14 dispensaries, distribution facilities, and cultivation/production sites. With a commitment to making cannabis accessible and safe, StateHouse is a pioneer in the industry, offering a wide range of products to a diverse consumer base.
Pelorus Fund REIT, a significant debt holder of StateHouse Holdings (CSE: STHZ) (OTCQB: STHZF), has expressed support for StateHouse's decision to initiate bankruptcy proceedings for its Canadian parent entity. This follows Pelorus' receivership complaint filed in September and a recent stipulation with majority holders of StateHouse's 9.0% secured notes for the appointment of a receiver.
The bankruptcy filing and receivership are aimed at protecting StateHouse's employees, customers, business partners, and vendors, while preserving its ongoing operations in California. Pelorus believes these actions will allow StateHouse to continue operating normally across its production and distribution footprint in the state.
Pelorus recognizes the significant value of StateHouse's business and intends to work with the company and the court-appointed receiver to ensure a cleaner, more efficient, and appropriate structure moving forward.
Pelorus Fund REIT, , a significant debt owner of StateHouse Holdings Inc. (CSE: STHZ) (OTCQB: STHZF), has filed a complaint in the Superior Court of California requesting the immediate appointment of a Receivership over StateHouse. This action follows StateHouse's default on four existing loans. Pelorus aims to have a court-appointed Receiver assume control of all StateHouse assets and operations.
Dan Leimel Jr., CEO of Pelorus, stated that this action is intended to protect StateHouse's employees, customers, business partners, and vendors, allowing the business to continue operating across its production and distribution footprint. Pelorus believes that a Receivership will better position StateHouse to produce and deliver high-quality products more effectively. The company is requesting the Court to act swiftly in appointing a receiver to guide StateHouse towards a more efficient and appropriate structure.
StateHouse Holdings Inc., operating in the cannabis sector, continues discussions on potential financing options and has received an extension until May 22, 2023, for the repayment of its Series A debt. This follows a previous disclosure made on December 30, 2022. The company is vertically integrated, holding licenses for retail, distribution, and cultivation in California and Oregon. It operates 14 dispensaries and has been a significant player since 2006. However, the cannabis industry faces legal challenges as cannabis remains a Schedule I drug federally, creating risks for operations and financial performance. Investors are advised to be cautious regarding forward-looking statements as actual results may vary due to various risks and uncertainties.
StateHouse Holdings Inc. (CSE:STHZ, OTCQX:STHZF) has joined the Cannabis Research Coalition (CRC), a partnership with The Hemp Mine and Clemson University, aimed at advancing cannabis cultivation and addressing postharvest challenges. The coalition will provide resources to enhance cultivation quality and efficiency, positioning StateHouse to remain competitive in the cannabis market. The collaboration includes access to exclusive offers, standard operating procedures, and ongoing research updates through meetings and conferences. This strategic partnership is anticipated to bolster the company's capabilities in creating a sustainable cannabis industry.
StateHouse Holdings Inc. (CSE:STHZ, OTCQX:STHZF) announces the launch of its new Dime Bag Liquid Diamond Infused Pre-Rolls, available in packs of three across its 14 California dispensaries. These pre-rolls utilize liquid diamonds, offering higher potency and an enhanced user experience. CEO Ed Schmults highlights the importance of delivering affordable, high-quality products to meet consumer demands. Additionally, the Company confirmed an extension of its Series A debt obligations repayment to April 20, 2023, and continues exploring future financing options.
StateHouse Holdings Inc. (CSE:STHZ, OTCQX:STHZF) has announced a new cultivation partnership with Refined Genetics LLC, a leader in cannabis genetic development. This collaboration aims to enhance flower quality through quarterly performance trials, allowing StateHouse to identify and propagate superior cannabis genetics. Refined Genetics will utilize its state-of-the-art facilities to cultivate promising strains, which will be evaluated for commercial yield. The partnership is expected to contribute to improved product consistency and yield predictability in the competitive cannabis market.
StateHouse Holdings Inc. (CSE:STHZ, OTCQX:STHZF) has filed a corrective disclosure following an Ontario Securities Commission review. The company acknowledged that certain material contracts were not timely filed due to oversight. Key contracts include a Term Loan of approximately $77.3 million with Pelorus Fund REIT at an interest rate of 10.25%, due by February 2027, and Carryover Notes totaling $25 million with a 9% interest rate due in April 2025. Additionally, the company has entered an IRS Agreement to settle an $11 million tax liability. StateHouse operates 14 dispensaries in California and one in Oregon, focusing on the cannabis market.
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