The sale retired about $44.5 million in debt for Blüm.
Blüm Holdings Inc. (OTCQB: BLMH) has taken a major step in its bid to restructure its finances, selling a prized retail dispensary for $24.8 million to slash debt.
The Santa Ana-based company said Tuesday it completed the sale of its Blüm Santa Ana cannabis store to Haven Nectar LLC. The deal marks a milestone in Blüm’s efforts to regain a firmer financial footing after racking up an estimated $90 million in liabilities since August 2022, according to company filings.
The sale retired about $44.5 million in debt for Blüm, reducing its total obligations by more than half, while generating a $34 million gain on the divestiture, the company said. Blüm received $9 million in cash proceeds and $15.84 million in liabilities assumed by the buyer.
“The sale of our Santa Ana store is a landmark achievement for Blüm Holdings, not only because of the financial gain but because it symbolizes the end of a challenging era,” Blüm CEO Sabas Carrillo said in a statement.
Carrillo said the dispensary staff “created a solid foundation for future success,” but Blüm’s remaining teams are “poised to compete and thrive in a revitalized company” after shedding
