SANTA ANA, Calif., Feb. 13, 2024 (GLOBE NEWSWIRE) — Blüm Holdings, Inc. (OTCQB: BLMH) (“Company,” “Blüm Holdings,” “we” or “us”), a cannabis company with operations throughout California, is pleased to announce the execution of a Binding Letter of Intent (“Binding LOI”) with Operators Only Corporation (“Operators Only”) to add three additional dispensaries to its retail portfolio (the “Proposed Acquisition”). If completed, the Proposed Acquisition could represent a significant milestone in Blüm Holdings’ expansion strategy and may help solidify the Company’s position as a key player in Northern California’s retail landscape.
Operators Only owns and operates three retail stores in Sacramento, including a flagship Cookies cannabis dispensary located in downtown Sacramento, a dispensary in North Sacramento, and another in South Sacramento.
“We are delighted to announce the successful execution of our Binding LOI with Operators Only,” said Sabas Carrillo, Chief Executive Officer of Blüm Holdings. “We expect the Proposed Acquisition to represent a significant step forward in our growth trajectory. Following a corporate reorganization, it is a privilege and point of pride for some of the best operators in the state to want to work with us.”
If the Proposed Acquisition is completed, the addition of Operators Only’s portfolio is expected to generate an estimated $14.0 million in additional revenue for Blüm Holdings. This substantial revenue increase reflects the robust potential of the Sacramento retail market and underscores the Company’s confidence in its long-term growth prospects.
“This is another step forward for Blüm Holdings to compete in and dominate the California cannabis market,” continued Sabas.
The Proposed Acquisition is subject to the execution of definitive agreements. No assurances can be made that the Company will successfully negotiate and enter into definitive agreements for the Proposed Acquisition or that the Company will be successful in completing the Proposed Acquisition.
