StateHouse Announces Receipt of Failure to File Cease Trade Order

SAN DIEGO and TORONTO, May 08, 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 of April 19, 2024, that the Ontario Securities Commission (the "OSC") has issued a failure to file cease trade order (“FFCTO”) prohibiting the trading by any person of any securities of the Company in Canada, including trades in the Company’s common shares made through the Canadian Securities Exchange.

The FFCTO was issued as a result of the delay in filing the Company’s annual information form for the year ended December 31, 2023, audited annual consolidated financial statements for the year ended December 31, 2023, the related management’s discussion and analysis of financial condition and results of operations and CEO and CFO certificates relating to the audited annual financial statements as required by National Instrument 52-109 – Certification of Disclosure in Issuers’ Annual and Interim Filings (collectively, the “Required Documents”) beyond the April 29, 2024 filing deadline.

The Company is working diligently to facilitate the completion of the audit of the annual consolidated financial statements and expects to be in a position to file the Required Documents within the next 45 days. The Company anticipates that the FFCTO will remain in place until such time as the Required Documents are filed.

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.