StateHouse Appoints Felicia Snyder as Independent Chair of the Board

Provides Update on Annual Filings Timing

SAN DIEGO and TORONTO, April 15, 2024 (GLOBE NEWSWIRE) -- StateHouse Holdings Inc. (“StateHouse” or the “Company”) (CSE: STHZ) (OTCQB: STHZF), a California-focused, vertically integrated cannabis company, today announced that Felicia Snyder has been appointed as independent Chair of the Board of Directors of the Company (the “Board”) effective April 14th, 2024. In connection with the appointment, Matthew K. Hawkins has stepped down from the Board effective April 12th, 2024, to focus on capital raising activities ahead of Entourage Effect Capital’s upcoming fourth fund launch.

"Felicia has provided a wealth of strategic guidance and leadership as a Board Member and we are thrilled to see her take on the role of Chair,” said Edward Schmults, Chief Executive Officer and Director of StateHouse. “We have already benefited immensely from her experience and expertise and look forward to all she will contribute as we enter our next phase of growth and development. The California market has experienced several shifts over the years; we have built a strong team that has risen to meet these challenges and opportunities. As a result of their hard work, we have improved our results and continue to capture market share as we navigate this consolidating and contracting landscape.”

Mr. Schmults continued, “Additionally, on behalf of all of us at StateHouse I want to sincerely thank Matt for his invaluable contributions as Chair. He has been a tremendous asset, and we wish him all the best in his future endeavors.”

“It is a privilege working with the talented StateHouse team and witnessing firsthand their passion to create high-quality products that resonate with today’s consumers,” said Felicia Snyder, Chair of the Board. “California is at the center of the cannabis industry and StateHouse uniquely has the optimal platform of high-demand consumer brands and attractive retail footprint to scale and grow as the market advances.”

“The team at StateHouse has done a fantastic job bringing together premier assets into one unified company and it has been a pleasure working with them,” said Matt Hawkins, Former Chair of the Board. “I’m proud of the work we have done together to create one of the most well-established platforms in California.”

Corporate Update on Annual Filings Timing

The Company anticipates delays in filing its audited annual financial statements for the year ended December 31, 2023 (the “Annual Financial Statements”), the related management’s discussion and analysis and CEO and CFO certifications (collectively, the “Annual Filings”) due to a combination of factors, including: (i) delays attributed to identifying and onboarding of Davidson & Company LLP as the new auditors of the Company in the fourth quarter of 2023. The Company’s former auditor resigned in September 2023 in conjunction with its decision to discontinue providing certain services to public companies (ii) turnover of staff at the Company; . The Company will work with its auditors to complete the audit of the Annual Financial Statements and anticipates that, subject to current conditions remaining the same, it will require approximately an additional month to complete the process of preparing the Annual Filings and in any event will use its best efforts to complete the process within the next two months.