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StateHouse enters bankruptcy proceedings in Canada, delisting imminent | Cannabis Law Report | Where to buy Skittles Moonrock online

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Thereā€™s going to be a lot of unravelling in this bankruptcy

One of Californiaā€™s oldest cannabis companies has filed for bankruptcy in Canada after initiating receivership proceedings in its home country.

StateHouse Holdings Inc (OTCMKTS: STHZF) has halted trading on the Canadian Securities Exchange before an impending suspension and eventual delisting. The company has a California cultivation facility in Salinas, a manufacturing operation in Greenfield, 11 dispensaries and multiple brands.

The cannabis operatorā€™s financial troubles became publicly known in September when one of its primary lenders filed a complaint in the San Diego Superior Court. Pelorus Fund REIT, LLC requested that StateHouse be placed in receivership due to a failure to meet its financial obligations. The Golden State marijuana operator has defaulted on four loans.

ā€œAs we have stated since we initiated these proceedings, we recognize the significant value of StateHouseā€™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,ā€ Pelorus said in a news release.

StateHouse was previously known as Harborside Inc. before a rebranding in mid-2022. Harborside was awarded one of the stateā€™s first medical pot licenses in 2006. StateHouse has now joined the ranks of failed California cannabis companies like MedMen and Eaze.

StateHouse enters bankruptcy proceedings in Canada, delisting imminent

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