SAN DIEGO and TORONTO, Oct. 10, 2024 (GLOBE NEWSWIRE) -- StateHouse Holdings Inc. ('StateHouse” or the 'Company”) (CSE: STHZ) (OTCQB: STHZF), a California-focused, vertically integrated cannabis company, today announced that StateHouse has made an assignment into bankruptcy pursuant to Canada's Bankruptcy and Insolvency Act (the 'Bankruptcy Proceedings”).

On September 25, 2024, Pelorus Fund REIT, LLC filed a complaint in the San Diego Superior Court seeking, among other remedies, that StateHouse and its various subsidiaries be placed into receivership (the 'Receivership Proceedings”). Additionally, Pelorus Fund REIT, LLC, Pelorus Fund LOC, LLC and holders of a majority in principal amount of the Company's 9.0% secured notes due April 2025 (collectively, the 'Lenders”), provided notices to the Company that the Company is in default of its payment obligations pursuant to certain loans advanced by the Lenders to StateHouse and various subsidiaries of the Company (collectively, the 'Loans”).