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Blüm Holdings acquires three California dispensaries for $9.7M in cash and stock

Blüm Holdings acquires three California dispensaries for $9.7M in cash and stock

California-based Blüm Holdings Inc. (OTCQB: BLMH) announced this week that it’s entered into a binding letter of intent to purchase three Sacramento dispensaries in its home state for $9.7 million in cash and stock from Operators Only Corp.

The trio of acquisitions includes a Cookies flagship store in the Golden State’s capital, dubbed Cookies Sacramento, according to a press release, along with one in North Sacramento and a third in South Sacramento that both do business under the brand Lemonnade.

If the transaction closes, Blüm projected the three shops will add $14 million in revenue annually to the company’s bottom line, and “could represent a significant milestone in Blüm Holdings’ expansion strategy and may help solidify the Company’s position as a key player in Northern California’s retail landscape,” the company said in a release.

Sabas Carrillo, CEO of Blüm Holdings, called the deal a “significant step forward in our growth trajectory” that will help the company “compete in and dominate the California cannabis market.”

The purchase is structured so that Blüm Holdings will pay just $1.9 million in cash over 34 to 42 months, and another 1.8 million shares of Blüm common stock. The deal values Blüm Holdings at $42 million pre-transaction, the company said in a release.

The acquisitions will bring Blüm Holdings’ footprint to seven dispensaries in California, along with the edibles brand Korova.

The company rebranded from its former moniker, Unrivaled Brands, in October last year. The company was known as Terra Tech prior to taking on the name Unrivaled Brands, and only began trading under its most recent ticker symbol this month.

Blüm Holdings also this month divested from cultivation operations it had previously held in California, in order to focus more specifically on the retail side of the cannabis industry.

“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,” Carrillo said in a separate release.

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