Pelorus Fund a private mortgage real estate investment trust and significant owner of debt issued to StateHouse Holdings, a California-focused, vertically integrated cannabis company, filed a complaint requesting the immediate appointment of a receivership over StateHouse Holdings in the Superior Court of The State of California.
This action follows StateHouse defaulting on four existing loans and seeks the immediate appointment of a receivership to assume control of all StateHouse assets and operations. Pelorus is in active communication with StateHouse management and expects that they will support the appointment of a receiver.
Dan Leimel Jr., Chief Executive Officer of Pelorus said: "We recognize the inherent value in the Company's operations, employees, and assets. We believe that a court-appointed Receivership will better position StateHouse to more effectively produce and deliver high-quality products for the benefit of its key constituents. Importantly, this action is intended to protect StateHouse employees, customers, business partners, and vendors, enabling the business to continue to operate across its production and distribution footprint."
For more information:
StateHouse
statehouseholdings.com