Blüm nets $24.8M in sale of California cannabis store amid restructuring

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(This story was updated to remove a reference to California marijuana retailer Haven, which was not involved in this transaction.) 

California cannabis company Blüm Holdings has sold its controlling interest in an Orange County store for $24.8 million as part of its restructuring plan.

Its subsidiary, Unrivaled Brands, sold its stake in Blüm Santa Ana on June 10 to Haven Nectar, according to a news release.

Cash proceeds from the sale were used to settle debt and litigation, helping reduce Blüm’s liabilities by $44.5 million and its total debt by more than 55%.

According to the release, Blüm’s divestiture and ongoing restructuring also has resulted in:

  • Cash payments of $9 million and the disposition of $15.8 million in assumed liabilities through the sale of the store.
  • Reduced liabilities of $90 million since August 2022.

Pursuant to a licensing agreement, Blüm Santa Ana will continue to use the Blüm name for up to 18 months.

Blüm is among several cannabis companies nationwide that have implemented a restructuring, including The Cannabis Co., Item 9 Labs and The Parent Co.

In February, Blüm closed the last cultivation facility owned by Unrivaled Brands to focus on marijuana retail and brands after a corporate reorganization.