One of California’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 operator’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.
“As we have stated since we initiated these proceedings, we recognize the significant value of StateHouse’s business, employees and operations, and…
