StateHouse Holdings Inc. (CSE: STHZ), an Ontario-headquartered but California-focused, vertically integrated cannabis company, filed an assignment in bankruptcy on October 10 listing $176.7 million in liabilities.

On September 25, Pelorus Fund REIT sought the appointment of a receiver over StateHouse and its various subsidiaries and provided notice of default under certain loans provided by Pelorus Fund REIT, Pelorus Fund LOC, and holders of a majority in principal amount of the company’s 9.0% secured notes due April 2025.

The decision to commence bankruptcy proceedings was made following receipt of the notice of default and the receivership proceedings.

B. Riley Farber is the bankruptcy trustee.