SANTA ANA, Calif., Feb. 06, 2024 (GLOBE NEWSWIRE) — Blum Holdings, Inc. (OTCQB: UNRVD) (“Company,” “Blüm Holdings”, “we” or “us”), a cannabis company with operations throughout California, announces preliminary and unaudited financial results for its fiscal year and quarter ended December 31, 2023. This pivotal period in our journey was underscored by decisive strategic actions, significant debt reduction, and a comprehensive corporate restructuring, including a transformative overhaul of the board of directors and executive management team, and the creation of a new holding company structure. We achieved these milestones amidst the challenging backdrop of litigation, inflation, and industry-specific taxation, further compounded by the recent hyper increase in interest rates, which has posed significant economic headwinds for the entire cannabis industry.

Strategic Reorganization and Financial Highlights:

• Leadership and Vision: Our transformative restructuring and strategic reorganization, culminating in a refreshed board and executive team and a new holding company structure, have injected fresh perspectives and robust expertise into our operations. We believe that these changes may optimally position the Company for sustainable growth and operational efficiency.
• Financial Performance and Retail Operations Focus: Revenue from continuing operations for fiscal year 2023 was $ 33.0 million, a reflection of our pivot to retail-centric operations. Prior year cultivation-related figures are now treated as discontinued operations.
• Quarterly Resilience: Quarter-on-quarter retail revenue remained materially consistent with Q3 revenue, falling from $8.4 million to $8.0 million. Our gross profit margin remained strong at 53%, demonstrating our commitment to maintaining operational efficiency.
• Transactional Growth: Amidst a challenging market, our total transactions in 2023 grew by 5% from 2022, highlighting our ability to attract and retain customers.
• Financial Health: Our decisive actions have led to the elimination of a significant amount of debt, strengthening our balance sheet and positioning us for a future of growth and opportunity.
• Navigating a Dynamic Market: In the face of a downturn in the California cannabis market, Blüm Holdings has displayed exceptional resilience slightly outperforming the broader cannabis market trends in 2023. Our Santa Ana stores faced the brunt of these challenges, operating in a highly promotional landscape while contending with new competitors. Yet, our revitalized operations at our San Leandro and Oakland stores witnessed notable revenue growth and a remarkable 29% increase in transactions at the Oakland store, underscoring our agility and market adaptability.

Patty Chan, Chief Financial Officer, reflected on the year’s accomplishments, stating, “Headset’s analysis reveals a significant market contraction, with revenues declining from $5.4 billion in 2021 to $4.3 billion in 2023, marking a 21% decrease over a two-year period in the aftermath of COVID-19 and the associated one-time surge in cannabis sales driven by lockdowns and stimulus checks. Despite these challenges and those of the California cannabis market, Blüm Holdings has demonstrated stability in revenue from continuing retail operations alongside increase in gross profit. These results underscore our commitment to operational efficiency and the ability to navigate evolving market dynamics, positioning us for sustained success in the cannabis industry.”

Sabas Carrillo, Chief Executive Officer of Blüm Holdings stated, “As we embark on 2024, we are committed to building on the hard work and momentum of 2023 with strategic growth initiatives, focusing on retail opportunities, margin growth through the development of in-house brands, strategic shelf control, alongside persistent efforts towards debt reduction and continued emphasis on operational efficiency to drive shareholder value. Our journey through 2023’s headwinds has not only solidified our market standing but also sharpened our strategic vision for a thriving future in the cannabis industry.”

These estimates should not be viewed as a substitute for our full interim or annual financial statements prepared in accordance with U.S. generally accepted accounting principles. Accordingly, you should not place undue reliance on this preliminary data. The preliminary financial data has been prepared by, and is the responsibility of, our management. Marcum LLP, our independent registered public accounting firm, has not audited, reviewed, compiled or performed any procedures with respect to the accompanying preliminary financial data. Accordingly, Marcum LLP does not express an opinion or any other form of assurance with respect thereto.

About Blüm Holdings

Blüm Holdings is a company focused on the cannabis sector with operations in California. Blüm Holdings operates four dispensaries and direct-to-consumer delivery, and several leading company-owned brands. Korova, a Blüm Holdings brand, is known for its high potency products across multiple product categories, including the legendary 1000 mg THC Black Bar. On January 12, 2024, the Company completed a reorganization into Delaware. For a period of 20 business days following the reorganization, the shares of Blüm Common Stock will trade on the OTCQB tier of the OTC Markets under the symbol “UNRVD” and thereafter, the Company expects that the shares will trade under the symbol “BLMH.”

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

Cautionary Note Regarding 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 Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, known as the PSLRA. 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. 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. Such forward-looking statements are based on the Company’s current expectations based on information currently available 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. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected.

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. Such risks may include, among others, the risks and uncertainties 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 Securities and Exchange Commission. Forward-looking statements included in this press release are based on information available to the Company as of the date of this press release. 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.

Contact:
Jason Assad
LR Advisors LLC.
jassad@blumholdings.com
678-570-6791

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

Fort Lauderdale, Fla., Aug. 20, 2021 /PRNewswire/ — VPR Brands LP (OTC: VPRB) a market leading supplier and patent holder for electronic cigarettes or vaporizers for nicotine, cannabis and cannabidiol (CBD) and other related smoking accessories such as pocket lighters has reported quarterly and year to date sales and earnings for the period ending June 30, 2021

“The company has finally put the pandemic and other extenuating circumstances behind us and is back on track.” said Kevin Frija CEO of VPR Brands LP “The numbers, which show a tremendous turnaround from last year, speak for themselves as our team is focused on maintaining not only steady growth but most importantly profitability.”

Results of Operations for the Three Months Ended June 30, 2021 Compared to the Three Months Ended June 30, 2020

Revenues
Our revenues for the three months ended June 30, 2021 and 2020 were $1,709,719 and $1,205,370, respectively. The increase was a result of an industry-wide health-related crisis that hampered sales significantly in 2020, as well as increased direct on-line sales in 2021.

Cost of Sales
Cost of sales for the three months ended June 30, 2021 and 2020 was $915,815 and $751,691, respectively. Gross margins increased to 47% in 2021 compared to 37% in 2020, due to pricing pressures from the decreased demand related to the industry crisis in 2020, and increased direct sales in 2021.

Operating Expenses
Operating expenses for the three months ended June 30, 2021 were $457,895 as compared to $372,652 for the three months ended June 30, 2020. The increase in expenses is primarily due to increased sales activity in 2021.

Other Income (Expense)
Interest expense decreased to $71,223 for the three months ended June 30, 2021 as compared to $131,381 for the three months ended June 30, 2020 due to less interest expense recognized on related party loans in 2021.

Net Income (Loss)
Net income for the three months ended June 30, 2021 was $264,786 compared to a net loss of $50,354 for the three months ended June 30, 2020.

Results of Operations for the Six Months Ended June 30, 2021 Compared to the Six Months Ended June 30, 2020

Revenues
Our revenues for the six months ended June 30, 2021 and 2020 were $2,961,777 and $1,804,003, respectively. The increase was a result of an industry-wide health-related crisis that hampered sales significantly in 2020, as well as increased direct on-line sales in 2021.

Cost of Sales
Cost of sales for the six months ended June 30, 2021 and 2020 was $1,626,316 and $1,137,819, respectively. Gross margins increased to 43% in 2021 compared to 35% in 2020, due to pricing pressures from the decreased demand related to the industry crisis in 2020, and increased direct sales in 2021.

Operating Expenses
Operating expenses for the six months ended June 30, 2021 were $995,798 as compared to $849,476 for the six months ended June 30, 2020. The increase in expenses is primarily due to increased sales activity in 2021.

Other Income (Expense)
Interest expense decreased to $176,528 for the six months ended June 30, 2021 as compared to $288,652 for the six months ended June 30, 2020 due to less interest expense recognized on related party loans in 2021.

Net Income (Loss)
Net income for the six months ended June 30, 2021 was $163,135 compared to a net loss of $471,944 for the six months ended June 30, 2020.

About VPR Brands, LP:
VPR Brands is a technology company, whose assets include issued U.S. and Chinese patents for atomization related products including technology for medical marijuana vaporizers and electronic cigarette products and components as well as lighters. The company is also engaged in product development for the vapor or vaping market, including e-liquids, vaporizers and electronic cigarettes (also known as e-cigarettes) which are devices which deliver nicotine and or cannabis through atomization or vaping, and without smoke and other chemical constituents typically found in traditional products. For more information about VPR Brands, please visit the company on the web at www.vprbrands.com.

Forward-Looking Statements This news release contains statements that involve expectations, plans or intentions, and other factors discussed from time to time in the Company’s Securities and Exchange Commission filings. These statements are forward-looking and are subject to risks and uncertainties, so actual results may vary materially. The Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made. The Company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Contact Information:
VPR Brands LP
Kevin Frija CEO
(954) 715-7001
[email protected]

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.