false 0001996210 0001996210 2024-05-06 2024-05-06
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 6, 2024
 
BLUM HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
 
Delaware
  
000-56626
  
93-3735199
(State or other jurisdiction
of incorporation)
  
(Commission
File Number)
  
(IRS Employer
Identification No.)
 
3242 S. Halladay St., Suite 202
Santa Ana, California
  
92705
(Address of principal executive offices)
  
(Zip Code)
 
Registrant’s telephone number, including area code: (888) 909-5564
 
Not Applicable
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Indicate by check mark whether the registrant is an emerging growth company as defined in in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company  ☐
 
If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
 
 
 
 
Item 7.01. Regulation FD Disclosure.
 
On May 6, 2024, Blum Holdings, Inc. (the "Company") issued a press release regarding the Drug Enforcement Administration's plan to reschedule marijuana. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
 
The information provided under this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act except as shall be expressly set forth by specific reference in such filing.
 
Item 9.01. Financial Statements and Exhibits.
 
(d) Exhibits.
 
Exhibit
  
Description
99.1   Press Release, dated May 6, 2024.
104
  
Cover Page Interactive Data File (embedded within the Inline XBRL Document).
 
2
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
BLUM HOLDINGS, INC.
  
     
Date: May 6, 2024
By:
/s/ Sabas Carrillo
  
   
Sabas Carrillo
  
   
Chief Executive Officer
  
 
 
3
 

EXHIBIT 99.1

 

Blüm Holdings Inc. Acknowledges Impact to Cannabis Industry from DEA’s Plan to Reschedule Marijuana

 

SANTA ANA, Calif., May 06, 2024 (GLOBE NEWSWIRE) -- Blum Holdings, Inc. (OTCQB: BLMH) (the “Company,” “Blüm,” “we” or “us”), a cannabis company which through its subsidiaries has operations throughout California, remains optimistic about the Drug Enforcement Administration’s (“DEA”) decision to reschedule marijuana as a lower-risk substance. This groundbreaking move is anticipated to reform the cannabis industry by alleviating longstanding financial and operational burdens.

 

“Cannabis has a long and storied history in the collective social, economic, moral, and political conscious of the United States.  We at Blüm understand the flawed history of cannabis’s classification as a Schedule I controlled substance by the US Drug Enforcement Agency and the legal, financial, and political consequences of such a classification,” said Robert Baca, Chief Legal Officer of Blüm.

 

“The Department of Justice’s proposal to reschedule cannabis as a Schedule III controlled substance is significant for the cannabis industry, its operators, and ultimately its consumers. While the breadth of impact and the implications resulting from such a reclassification will be fully realized over time, we acknowledge its significance and are prepared for its impacts.  The cannabis industry is no stranger to rapid change and Blüm is confident in its ability to continue to adapt to an evolving regulatory landscape.  Blüm supports administrative and legislative efforts that champion the industry and look forward to keeping our heads down and working hard no matter the exigencies or transformations in the market,” Baca added.

 

About Blüm Holdings

 

Blüm Holdings is a leader in the cannabis sector. Our commitment to quality, innovation, and customer service makes us a trusted name in the cannabis industry, dedicated to shaping its future. Blüm Holdings, through its subsidiaries, operates leading dispensaries throughout California as well as several leading company-owned brands including Korova, known for its high potency products across multiple product categories, including the legendary 1000 mg THC Black Bar.

 

For more info, please visit: https://blumholdings.com.

 

Cautionary Language Concerning Forward-Looking Statements

 

Certain statements contained in this communication regarding matters that are not historical facts, are forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, known as the PSLRA. These include statements regarding management's intentions, plans, beliefs, expectations, or forecasts for the future, and, therefore, you are cautioned not to place undue reliance on them. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by law. The Company uses words such as “anticipates,” “believes,” “plans,” “expects,” “projects,” “future,” “intends,” “may,” “will,” “should,” “could,” “estimates,” “predicts,” “potential,” “continue,” “guidance,” and similar expressions to identify these forward-looking statements that are intended to be covered by the safe-harbor provisions of the PSLRA. Such forward-looking statements are based on the Company’s expectations and involve risks and uncertainties; consequently, actual results may differ materially from those expressed or implied in the statements due to a number of factors.

 

New factors emerge from time-to-time and it is not possible for the Company to predict all such factors, nor can the Company assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. These risks, as well as other risks associated with the combination, will be more fully discussed in the Company’s reports with the SEC. Additional risks and uncertainties are identified and discussed in the “Risk Factors” section of the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed from time to time with the SEC. Forward-looking statements included in this release are based on information available to the Company as of the date of this release. The Company undertakes no obligation to update such forward-looking statements to reflect events or circumstances after the date of this release.

 

Contact:

Jason Assad

LR Advisors LLC.

jassad@blumholdings.com

678-570-6791

 
v3.24.1.u1
Document And Entity Information
May 06, 2024
Document Information [Line Items]  
Entity, Registrant Name BLUM HOLDINGS, INC.
Document, Type 8-K
Document, Period End Date May 06, 2024
Entity, Incorporation, State or Country Code DE
Entity, File Number 000-56626
Entity, Tax Identification Number 93-3735199
Entity, Address, Address Line One 3242 S. Halladay St., Suite 202
Entity, Address, City or Town Santa Ana
Entity, Address, State or Province CA
Entity, Address, Postal Zip Code 92705
City Area Code 888
Local Phone Number 909-5564
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity, Emerging Growth Company false
Amendment Flag false
Entity, Central Index Key 0001996210
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