California marijuana company Blüm Holdings has closed the last cultivation facility owned by its Unrivaled Brands subsidiary as it shifts to focus on cannabis retail and brands after a corporate reorganization.
Blüm said in a Monday news release it was concentrating “on operating and expanding profitable cannabis assets and developing brands.”
“The divestiture of our final California cultivation facility positions the company to concentrate on the cannabis retail market and on our leading cannabis brands, where we believe we have stronger opportunities for revenue generation and market leadership,” Blüm CEO Sabas Carrillo said in a statement.
Blüm did not offer any financial details related to the closure.
The Santa Ana-based company currently operates four retail locations and a delivery operation in California.
The corporate reorganization in which Unrivaled become Blüm was announced in October and completed in January.
Shares of Blüm trade on the over-the-counter markets as UNRVD, the former Unrivaled ticker symbol.
The company said the symbol will be changed to BLMH.