San Diego-based marijuana operator StateHouse Holdings has entered bankruptcy in Canada after its main lender asked that the company be placed in a receivership.
The move comes after Pelorus Fund REIT, a private mortgage real estate investment trust and StateHouse’s largest lender, asked a California court in September to place StateHouse in receivership after the vertically integrated cannabis operator defaulted on four loans.
ADVERTISEMENT
According to a StateHouse news release, the decision to begin bankruptcy proceedings was made after careful consideration of:
The financial condition of StateHouse and its subsidiaries. The company’s inability to pay its liabilities when they’re due. The receivership proceedings initiated by Pelorus and the monthslong negotiations between the company, its lenders and other secured creditors.
Pelorus said
Read full article on Marijuana Business Daily
