StateHouse Provides an Update on Application for Management Cease Trade Order

SAN DIEGO and TORONTO, April 19, 2024 (GLOBE NEWSWIRE) -- StateHouse Holdings Inc. (“StateHouse” or the “Company”) (CSE: STHZ) (OTCQB: STHZF), a California-focused, vertically integrated cannabis company, today announced further to its press release dated April 15, 2024, that the Ontario Securities Commission (the "OSC") has denied the Company's application for a voluntary management cease trade order (the "MCTO") as the Company does not meet the criteria for an MCTO.

The Company filed the application for a voluntary MCTO with the OSC due to an anticipated delay in filing its audited annual financial statements for the year ended December 31, 2023 (the “Annual Financial Statements”), the related management discussion & analysis for the financial year ended December 31, 2023, and the CEO and CFO certificates (collectively, the “Annual Filings”), all as required by National Instrument 51-102 - Continuous Disclosure Obligations and National Instrument 52-109 - Certification of Disclosure in Issuers' Annual and Interim Filings.

The Company continues 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. As a consequence of the delay in filing the Annual Filings, the OSC may impose a failure-to-file cease trade order (“FFCTO”) against the Company after April 29, 2024, which will likely remain in effect until the Annual Filings are filed. While the FFCTO is in effect, no shares of the Company will be traded.

About StateHouse Holdings Inc.

StateHouse, a vertically integrated enterprise with cannabis licenses covering retail, major brands, distribution, cultivation, nursery, and manufacturing, is one of the oldest and most respected cannabis companies in California. Founded in 2006, its predecessor company Harborside was awarded one of the first six medical cannabis licenses granted in the United States. Today, the Company operates 13 dispensaries covering Northern and Southern California and one in Oregon, an integrated cultivation facility in Salinas and manufacturing in Greenfield, California. StateHouse is a leading brand house in California by market share, with a diversified product across multiple brands, form factors, and price points. StateHouse sells its six popular house brands to over 600 retailers across California including Kingpen, Dime Bag, Loudpack, Fuzzies, Sublime, Urbn Leaf and Smokiez line of products. StateHouse is a publicly listed company, currently trading on the Canadian Securities Exchange ("CSE") under the ticker symbol "STHZ" and the OTCQB under the ticker symbol "STHZF". The Company continues to play an instrumental role in making cannabis safe and accessible to a broad and diverse community of California and Oregon consumers.