Pelorus Fund REIT Supports StateHouse Holdings' Initiation of Bankruptcy Proceedings in Canada

News provided by

Oct 11, 2024, 09:00 ET

NEWPORT BEACH, Calif., Oct. 11, 2024 /PRNewswire/ -- Pelorus Fund REIT, LLC., ("Pelorus") – a private mortgage real estate investment trust and significant owner of debt issued by StateHouse Holdings Inc. ("StateHouse" or the "Company") (CSE: STHZ) (OTCQB: STHZF), a California-focused, vertically integrated cannabis company, today issued the following statement supporting StateHouse's decision to commence Bankruptcy Proceedings for the Company's Canadian parent entity.

"We are pleased at the progress made since we initially filed our Receivership complaint in September and to enter into a stipulation earlier this week with majority holders of the Company's 9.0% secured notes and the Company for the appointment of a receiver. That action, combined with today's filing, protects StateHouse employees, customers, business partners and vendors and preserves the Company's ongoing operations in the state of California, enabling it to operate as normal across its production and distribution footprint in the state. As we have stated since we initiated these proceedings, we recognize the significant value of StateHouse's business, employees and operations, and look forward to continuing to work with the Company and the court-appointed receiver to ensure it is well positioned with a cleaner, more efficient and appropriate structure moving forward."

About Pelorus Capital Group and Pelorus Fund REIT, LLC
Pelorus Capital Group offers a range of innovative transactional solutions addressing the diverse needs of real estate investors and portfolio managers. Our flexible acquisition and bridge lending programs are the direct result of our involvement in more than 4,700 transactions of varying size and complexity. Since 1991, our principals have participated in more than $1 billion of real estate investment transactions using both debt and equity solutions. We draw on our extensive experience to rapidly understand an opportunity, structure a logical solution and execute a timely close. For more information, please visit https://peloruscapitalgroup.com/.

Contact Information
ASC Advisors
Taylor Ingraham / Elizabeth Amory
[email protected] / [email protected]
203 992 1230

SOURCE Pelorus Fund REIT, LLC.