Blum Holdings sells Blüm Santa Ana dispensary, eliminates $44.5M in liabilities, books $34M gain

BLUM HOLDINGS, INC.

Sold 80% controlling interest in People's First Choice (Blüm Santa Ana) for total consideration of $24.8M ($9M cash + assumption of $15.8M liabilities).
Extinguished $44.46M in total liabilities, including $22.2M promissory note to People's California, via debt settlement tied to the sale.
Estimated pre-tax gain of $33.98M ($3.09 per share) from the disposition; pro forma Q1 2024 net income from continuing ops of $30.6M.
Retains 20% non-economic, non-voting interest in PFC pending transfer of cannabis licenses; buyer Haven Nectar assumed operational control via MSA.
Secured $1.0M promissory note paid over 12 months; transitional services provided for 30 days; royalty-free trademark license for up to 18 months.

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