Welcome to our dedicated page for Blum Holdings news (Ticker: BLMH), a resource for investors and traders seeking the latest updates and insights on Blum Holdings stock.
Blüm Holdings, Inc. (OTCQB: BLMH) is a California-based publicly traded holding company and cannabis operator whose news flow centers on acquisitions, capital structure actions, and operating performance. Company press releases highlight its activities in acquiring licensed cannabis retail dispensaries in Northern California and the Bay Area, integrating these assets under management services agreements, and expanding its portfolio of company-owned brands such as Korova.
Investors following BLMH news can expect updates on stock purchase agreements, binding term sheets, and amended letters of intent related to cannabis retail operators. Blüm frequently reports on the closing of acquisitions, expected revenue contributions from new stores, and the use of performance-based earn-outs tied to revenue and EBITDA benchmarks. These announcements provide insight into how the company is building its retail footprint and brand presence across California.
Blüm’s news releases also cover financing and balance sheet developments. The company has disclosed multiple unsecured and secured promissory notes with conversion features, capital raises from accredited investors, and a significant Debt Conversion Agreement that converted approximately $3.05 million of principal and accrued interest into common stock at a fixed price. Such items illustrate how Blüm manages liquidity, restructures obligations, and adjusts its capital structure.
Operational updates form another key category of BLMH news. The company has reported quarterly financial results, including trends in revenue, gross margin, operating expenses, EBITDA, and Adjusted EBITDA, as part of its narrative around a completed turnaround and a shift toward disciplined growth. Executive summaries and strategic updates describe cost reductions, restructuring progress, and the integration of new locations.
Regulatory and legal milestones, including a global settlement with People’s California, LLC and related parties that is subject to Bankruptcy Court approval, also appear in Blüm’s communications. For readers tracking BLMH, this news page aggregates these developments so they can monitor acquisitions, financing transactions, restructuring steps, and operating metrics over time.
Blum Holdings (OTCQB: BLMH), a California-based cannabis operator, has released its 2024 Annual Report: Executive Summary. CEO Sabas Carrillo highlighted the company's significant financial and operational transformation through strategic restructuring, substantial debt reduction, and focused core operations.
The company reports strengthening its financial foundation despite ongoing industry challenges through streamlined operations and optimized asset portfolio management. Management expressed confidence in their execution discipline and resilience, setting expectations for continued momentum into 2025.
Blum Holdings (OTCQB: BLMH) reported strong financial results for FY2024, achieving a remarkable turnaround with $33.1 million in net income, compared to losses of $14.1 million in 2023 and $188.7 million in 2022.
Key financial highlights include:
- Revenue growth of 67% to $13.0 million
- Gross profit increase of 63% to $6.2 million with 48% margin
- EBITDA from continuing operations of $21.2 million
- Liability reduction of 62% to $29.6 million
- Earnings per share of $1.79 (basic) and $1.21 (diluted)
The California-based cannabis operator's performance was driven by successful integration of three Northern California retail stores contributing $7.7 million in revenue, strategic divestment of non-core dispensaries, and effective restructuring initiatives. The company completed its transformation with only $1.97 million in new capital raised, positioning itself for measured expansion and financial sustainability.
Blum Holdings (OTCQB: BLMH) has announced a comprehensive settlement with People's California, , ending over two and a half years of litigation. The settlement resolves multiple legal cases, including a $23M breach of contract action and various derivative actions against the company's officers and directors.
The agreement includes mutual releases between all parties and dismissal of eight different legal proceedings with prejudice. People's California has agreed to support the Chapter 11 bankruptcy plan of Blüm's subsidiaries, Unrivaled Brands and Halladay Holding. The settlement requires final documentation and approval from the bankruptcy court judge.
Blüm Holdings (OTCQB: BLMH) has entered into a Binding Letter of Intent (LOI) to acquire a Northern California dispensary that generated approximately $18.0 million in annual gross revenue and $13.0 million in net revenue for 2024 (unaudited). The acquisition price is set at $2.0 million, structured as a combination of cash and equity, with a performance-based bonus award.
Concurrent with the LOI, Blüm issued a $500,000 senior secured convertible promissory note with an 8% annual interest rate, maturing on March 31, 2025. The note may be converted into Target shares or have its maturity extended. The agreement includes structured operational targets focusing on expense reductions and EBITDA improvements.
Blüm Holdings (OTCQB: BLMH) has secured $900,000 in financing led by Douglas Rosenberg, CEO of Mesh Ventures and Co-Founder of 1212 Ventures. The company has signed three term sheets for strategic acquisitions:
1. Mt. Tam Ventures II acquisition for $3.9M ($250K cash + 1.93M shares at $1.90/share), gaining equity in Cookies cannabis brand.
2. Mesh Ventures merger valued at $9.0M ($359.6K cash + 4.53M shares at $1.90/share), also holding Cookies equity.
3. Northern California Retail acquisition for $1.8M ($1.3M cash + $500K in stock) plus milestone bonuses.
These transactions aim to enhance Blüm's operational footprint and brand portfolio, subject to definitive agreements and regulatory approval.
Blüm Holdings (OTCQB: BLMH) reported Q3 2024 financial results showing significant improvements. Revenue from continuing operations increased 15% quarter-over-quarter and 182% year-over-year. The company achieved a gross margin of 56% and reduced debt to $9.2 million, an 83% reduction since December 2021.
Notable developments include the consolidation of three Northern California stores, contributing approximately $3 million in quarterly revenue, and the sale of Blüm Oakland and San Leandro locations for $3.18 million. While subsidiary Unrivaled Brands filed for Chapter 11 bankruptcy, Blüm Holdings remains unaffected and continues normal operations.
Blum Holdings, Inc. (OTCQB: BLMH) announced that its subsidiary, Unrivaled Brands, Inc., has filed for Chapter 11 bankruptcy following prolonged litigation with People’s California Despite reducing liabilities by $90.8 million over two years and undergoing corporate reorganization, ongoing lawsuits from People’s and its principals, including Frank Kavanaugh, have destabilized the company. The litigation history includes multiple denied court applications by People’s and a recent settlement of $9.0 million. The latest lawsuit, filed in July 2024, alleges breach of fiduciary duty and corporate waste against Unrivaled's new management.
Blüm Holdings (OTCQB: BLMH) reported strong Q2 2024 financial results, highlighting strategic progress and a net income of $23.4 million. Key highlights include:
1. Sale of Blüm Santa Ana for $24.8 million, reducing liabilities by $63.3 million since December 2021.
2. Launch of three new dispensaries in Northern California, contributing $2.1 million in revenue.
3. Total revenue of $7.2 million, up from $6.9 million in Q1 2024.
4. Debt reduction to $9.4 million, down 83% over three years.
5. Total liabilities decreased to $62.1 million from $125.3 million in August 2022.
The company's strategic restructuring and operational streamlining have positioned it for sustained growth and profitability in the California cannabis market.
Blum Holdings, a cannabis company operating across California, announced two key legal victories through its subsidiary Unrivaled Brands against People's California, The court denied People's ex parte application for a multi-million dollar judgment and granted Unrivaled a preliminary injunction, preventing People's from foreclosing on an affiliated entity's building and invalidating a previous foreclosure attempt. These victories follow almost two years of legal disputes since Sabas Carrillo became CEO. The legal decisions come after the sale of Blüm Santa Ana and a settlement intended to resolve ongoing disputes, including fraud claims against People's owners. Earlier this year, Blum Holdings distanced itself from the People's brand following child molestation allegations against People's managing member, Bernard Steimann. Unrivaled was represented by Roger Scott of Buchalter law firm and plans to continue defending against future actions from People's.
Blüm Holdings, a cannabis company, announced the sale of its Santa Ana dispensary to Haven Nectar for $24.8 million on June 10, 2024.
This transaction included $9 million in cash and $15.84 million in assumed liabilities, resulting in a $44.46 million debt elimination and a $34 million financial gain.
The sale significantly contributes to Blüm Holdings' restructuring plan initiated in August 2022, reducing the company's total liabilities by $90 million.
This strategic move aims to provide financial stability and resources for future growth.
The Santa Ana store will continue to operate under the Blüm name for up to 18 months.