BLUM HOLDINGS, INC. (BLMH): M&A transaction — 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.

item 1.01 item 2.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

BLUM HOLDINGS, INC. completed a disposition involving Haven Nectar, LLC for $24.8 million (closed 2024-06-10).

Action: disposition
Counterparty: Haven Nectar, LLC
Consideration: $24.8 million
Closing: 2024-06-10

Exact text from the filing

Based on estimates included in the unaudited pro forma condensed consolidated financial statements for the period ended March 31, 2024, the total transaction consideration was $24.8 million. Pursuant to the MIPA, Haven Nectar acquired the 80% membership interests of Unrivaled and the 20% membership interests of People’s. The consideration includes $9.0 million in

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BLUM HOLDINGS, INC. filing history →

Source: SEC EDGAR

accession 0001437749-24-020319

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