(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.
