Pelorus Fund REIT is asking a California court to place StateHouse Holdings into receivership after the vertically integrated cannabis operator defaulted on four loans.

Pelorus, a private mortgage real estate investment trust (REIT) and the largest lender to StateHouse, expects that the San Diego-based company’s management will support the appointment of a receiver.

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Pelorus CEO Dan Leimel Jr. said there is value in StateHouse’s operations, employees and assets and the request for receivership is intended to protect its employees, customers, business partners and vendors.

“We believe that a court-appointed receivership will better position StateHouse to more effectively produce and deliver high-quality product for the benefit of its key constituents,” Leimel said.

StateHouse representatives did not return MJBizDaily calls and emails seeking comment.

Pelorus

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