Blum Holdings Inc (OTCMKTS: BLMH) has pulled almost US$1 million together to propel its expansion goals in California’s cutthroat cannabis sector.
One of the most notable purchases the funding will be used for is a new licensed dispensary in Northern California. Blüm will be spending US$1.3 million and half a million worth of stock to acquire the pot shop.
Additionally, the marijuana supplier plans to take a considerable interest in a venture fund and holding company that retain substantial equity stakes in the renowned cannabis brand Cookies, in a nutshell.
“This capital [US$900 thousand] is a key component in enabling us to pursue opportunities that align with our gameplan,” chief executive Sabas Carrillo said in a Tuesday release.
Blüm was founded in 2018 under the name Unrivaled Brands. It then changed its title in early 2024 as part of a corporate restructuring. The company has dispensaries in Oakland and San Leandro. It formerly had another in Santa Ana, but sold it last August to balance its finances and pursue other goals.
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Q3 results yielded improved numbers for Blüm
The California cannabis operator reported a 182 per cent year-over-year revenue spike for the nine months ended Sept. 30 at US$44.1 million.
Furthermore, Blüm only had US$9.2 million in debt at the end of last year’s third quarter — an 83 per cent decrease from its total owing amount at the end of 2021.
Total liabilities have also dropped immensely for the company. Blüm went from having US$125.3 million in mid-2022 to US$62.1 million at the end of Q3.
These improvements showcase that the company’s financial management has been paying off.
Blüm is known for its Korova and Halo brands. Korova has a reputation for its extremely potent 1,000-milligram THC brownie — the “Black Bar.”
rowan@mugglehead.com
