Pelorus Fund REIT files complaint to place StateHouse Holdings into receivership – StateHouse Hldgs (OTC:STHZF)

NEWPORT BEACH, California., September 26, 2024 /PRNewswire/ — Pelorus Fund REIT, LLC., (“Pelorus”): a private mortgage real estate investment trust and significant owner of debt issued to StateHouse Holdings Inc. (“StateHouse” or the “Company”) STHZ STHZFto California-vertically integrated cannabis company focused on the cannabis industry, today filed a lawsuit requesting the immediate appointment of a Receivership over the Company in the Superior Court of The State of California (the “Court”).

This action follows the Company's default on four existing loans and seeks the immediate appointment of a Receivership to assume control of all of StateHouse's assets and operations. Pelorus is in active communication with StateHouse management and hopes they will support the appointment of a trustee.

“As StateHouse's largest lender, we recognize the inherent value of the Company's operations, employees and assets,” he said Dan Leimel Jr.Executive Director of Pelorus. “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 employees, customers, partners StateHouse's business partners and suppliers, allowing With those goals in mind, we respectfully ask the Court to act quickly in appointing a receiver so that StateHouse can move toward a cleaner, more efficient and appropriate structure in the future.”

About Pelorus Capital Group and Pelorus Fund REIT, LLC
Pelorus Capital Group offers a range of innovative transactional solutions that address the diverse needs of real estate investors and portfolio managers. Our flexible acquisition and bridge loan programs are a direct result of our participation in more than 4,700 transactions of various sizes and complexity. Since 1991, our directors have participated in more than billion dollars of real estate investment transactions using both debt and equity solutions. We leverage our extensive experience to quickly understand an opportunity, structure a logical solution, and execute a timely close. For more information, visit https://peloruscapitalgroup.com/.

contact information
ASC Advisors
Taylor Ingraham / Elizabeth Amory
tingraham@ascadvisors.com / eamory@ascadvisors.com
203 992 1230

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SOURCE Pelorus Fund REIT, LLC.