Blum Holdings subsidiary Unrivaled Brands files Chapter 11 bankruptcy amid activist litigation

BLUM HOLDINGS, INC.

Wholly owned subsidiary Unrivaled Brands, Inc. filed for Chapter 11 bankruptcy on Nov 12, 2024.
Company cites 'bitter activist litigation' from People's California LLC and Frank Kavanaugh as key cause.
Unrivaled reduced total liabilities by net $90.8M from Dec 2021 to Sept 2024 ($125.3M to $34.5M pro forma).
People's has received over $60M value from Unrivaled since 2021, including $9M in July 2024 settlement, yet continues to sue.
CEO Sabas Carrillo states Kavanaugh has history of destabilizing companies to seize control.

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