(MENAFN- GlobeNewsWire - Nasdaq) NEWPORT BEACH, Calif., Aug. 30, 2023 (GLOBE NEWSWIRE) -- PeloCapital Group (“Pelorus” or“the Company”), the leading provider of commercial real estate loans for the cannabis sector, announced today that it has entered into a Managed Service Agreement (the“Agreement”) with StateHouse Holdings Inc . ("StateHouse") (CSE: STHZ) (OTCQX: STHZF), a California-focused, vertically integrated cannabis enterprise to construct and manage the operations at the Company's cannabis cultivation asset located in Humboldt County, (collectively, the“Humboldt Facilities”). The first phase of construction at the Humboldt Facilities will include the completion of an expansive 118,000 square foot greenhouse production facility and plant tissue culture lab. Under the terms of the Agreement, StateHouse will assist in finalizing construction of the Humboldt Facilities in addition to commercializing and scaling production through the implementation of its full range of services including human resources, legal and compliance, post-harvest production and processing, contract manufacturing, distribution and safety management.
“Commercializing and scaling up these operations is the first step in stabilizing this previously inactive site and driving strong yields for our investors,” said Travis Goad, PeloCapital Group.“Statehouse is one of the largest vertically integrated platforms in California and they are uniquely positioned with the cultivation expertise, operational knowledge, and distribution capabilities to helpgenerate maximum value from this site. We are excited to partner with a seasoned operator and existing Peloborrower to turn around a distressed asset, build a new source of sustainable revenue, and future real estate value.”
About PeloCapital Group
PeloCapital Group (“Pelorus”), the leading provider of commercial real estate loans for the cannabis sector, and its PeloFund, a private mortgage real estate investment trust (“mREIT”), are changing the commercial real estate lending landscape in the cannabis sector. PeloFund offers a range of innovative transactional solutions to address the diverse needs of real estate investors and portfolio managers, and its flexible acquisition and bridge lending programs are the direct result of the firm's involvement in more than 5,000 transactions of varying size and complexity. Since 1991, Pelorus' principals quickly understand an opportunity, structure a logical solution, execute a timely close and have participated in more than $5B of real estate investment transactions using both debt and equity solutions. To date, Pelohas completed 70+ commercial real-estate loan transactions and deployed more than $500+ million to cannabis businesses and real estate owners, comprising nearly 4,200,000 sq. ft. in eight states across the U.S. With the ability to fund approved construction draws for reimbursement with a single agreement covering the financing of the entire project, the PeloFund helps to stabilize cash flow for its clients, so they are able to remain focused on their core business goals and objectives. For more information, visit .
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