Blum Holdings deconsolidates Unrivaled/Halladay after Chapter 11; pro forma shows $30M net income

BLUM HOLDINGS, INC.

On Nov 6, 2024, subsidiaries Unrivaled Brands and Halladay Holding filed Chapter 11; parent Blum Holdings is not included in proceedings.
All assets and liabilities of the subsidiaries deconsolidated from Blum Holdings' financials as of Petition Date.
Pro forma balance sheet as of Sep 30, 2024: total assets $25.6M (historical $38.7M), liabilities $34.3M (historical $66.2M).
Pro forma net income from continuing ops for nine months ended Sep 30, 2024: $30.3M vs historical $0.1M, from $15.2M gain on disposal.
Blum Holdings continues operations as usual outside of Chapter 11 proceedings.

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