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Blum Holdings, Inc. (BLMH) is a California-based holding company with strategic operations in the regulated cannabis sector. This page serves as the definitive source for verified corporate news, offering investors and industry observers timely updates on legal developments, financial performance, and market positioning.
Access curated press releases covering earnings announcements, regulatory compliance milestones, and strategic business decisions. Our repository includes official statements on litigation resolutions, partnership agreements, and operational expansions within the cannabis industry and related markets.
Key updates feature corporate governance changes, subsidiary management developments, and responses to evolving regulations in controlled substance markets. All content undergoes strict verification to ensure alignment with SEC filings and official company communications.
Bookmark this page for streamlined access to BLMH's latest verified announcements. For comprehensive analysis, combine these primary sources with broader market research to inform your understanding of this dynamic holding company's trajectory.
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.
On June 12, 2024, Blüm Holdings (OTCQB: BLMH) announced a favorable court ruling in an unlawful detainer action against Peoples Vape, , a subsidiary of People's California. The court's June 6, 2024 Minute Order permits Blüm Santa Ana to obtain a writ of possession, cancels People’s Vape’s rental agreement due to non-payment since March 2023, and allows for a money judgment of $102,530 in unpaid rent, $34,487 in holdover damages, and $435 in costs. The court dismissed all defenses raised by People’s Vape. Subsequently, Unrivaled Brands agreed not to enforce the order, and People’s Vape agreed to vacate the premises.
Blum Holdings (OTCQB: BLMH) reported its Q1 2024 financial results, revealing a revenue decline to $6.8 million from $8.1 million in Q4 2023. The company achieved a gross margin of 53% and decreased operating expenses by 34% to $6.1 million. Net loss improved by 61% to $3.0 million. Efforts to eliminate non-performing operations continued, with a transition to delivery-only retail and divestment of its last California cultivation facility. Unrivaled Brands became a subsidiary of Blum, executing a 1-for-100 reverse stock split and starting to trade under BLMH on February 12, 2024.
Blum Holdings Inc., a cannabis company, acknowledges the DEA's plan to reschedule marijuana as a lower-risk substance, anticipating positive changes in the industry. The company remains optimistic about the potential financial and operational benefits this move could bring. Blum expresses support for the reclassification and readiness to adapt to the evolving regulatory landscape.
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