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BLMH on OTC

BLUM HOLDINGS, INC.

BLUM HOLDINGS, INC. is a retail-miscellaneous retail company, listed on OTC (BLMH).1 It is headquartered in Santa Ana, California.1

$0.20 up 0.03 (17.65%)Price as of Oct 15, 2026 at 17:33 UTC

Last updated Oct 21, 2026.

Overview

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  • TickerBLMH on OTC1
  • IndustryRetail-Miscellaneous Retail1
  • HeadquartersSanta Ana, California1
  • Business address3242 South Halladay Street, Suite 202, Santa Ana, Ca 927053
  • Filer categoryNon-accelerated filer, Smaller reporting company3

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Effective January 12, 2024, Unrivaled Brands, Inc., a Nevada corporation and the Company’s predecessor (“Unrivaled”), completed a reverse stock split of its Common Stock at a 1-for-100 ratio (the “ Reverse Stock Split ” ). Accordingly, all share and per share amounts for all periods presented in this Annual Report on Form 10-K have been adjusted retroactively, where applicable, to reflect this Reverse Stock Split and adjustment of the preferred stock conversion ratios.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2024

47.8%Gross margin5
41.4%Operating margin5
254.8%Net margin5
67.5%Revenue growth, 20245
-$1.6MFree cash flow5

Where the money goes

Where each dollar of revenue went, fiscal 2024

  • Cost of revenue11¢$6.8M
  • Selling, general and admin31¢$18.6M
  • Income tax2¢$1.4M
  • Profit55¢$33.1M

Out of $13.0M in revenue.5

Financial statements

Revenue65$13.0M in 2024−75% since 2022
0$20.0M$40.0M$60.0M2022: $52.0M$52.0M20222023: $7.8M$7.8M2023−85%2024: $13.0M$13.0M2024+67%
Gross profit65$6.2M in 2024−66% since 2022
0$5.0M$10.0M$15.0M$20.0M2022: $18.1M$18.1M20222023: $3.8M$3.8M2023−79%2024: $6.2M$6.2M2024+63%
Operating income65$5.4M in 2024
-$200.0M-$150.0M-$100.0M-$50.0M0$50.0M2022: -$184.8M-$184.8M20222023: -$18.8M-$18.8M2023−90%2024: $5.4M$5.4M2024
Net income65$33.1M in 2024
-$200.0M-$100.0M0$100.0M2022: -$188.9M-$188.9M20222023: -$14.1M-$14.1M2023−93%2024: $33.1M$33.1M2024
Fiscal year2021202220232024
Revenue$52.0M6$7.8M5$13.0M5
Cost of revenue$33.9M6$3.9M5$6.8M5
Gross profit$18.1M6$3.8M5$6.2M5
Selling, general and admin$52.7M6$21.0M5$18.6M5
Operating expenses$202.9M6$22.6M5$826.0K5
Operating income-$184.8M6-$18.8M5$5.4M5
Income before tax-$186.7M6-$13.1M5$18.3M5
Income tax-$2.8M6$576.0K5$1.4M5
Net income-$188.9M6-$14.1M6$33.1M5
Earnings per share-$32.046-$1.726
Shares (weighted, basic)5.9M shares68.2M shares58.5M shares5
Shares (weighted, diluted)8.2M shares513.4M shares5

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Corporate structure

BLUM HOLDINGS, INC. sits at the top of its group. 1 entity on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of BLUM HOLDINGS, INC.

  • Joseph Gerlach Filed SC 13G/A on BLUM HOLDINGS, INC., latest Feb 14, 2024
  • BLUM HOLDINGS, INC. Santa Ana, California

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What BLUM HOLDINGS, INC. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$721.0K5 Dec 31, 2024$13.8M5 Dec 31, 2023−94.8%
Accumulated depreciation$454.0K5 Dec 31, 2024$4.6M5 Dec 31, 2023−90.2%
Property and equipment, net$267.0K5 Dec 31, 2024$9.2M5 Dec 31, 2023−97.1%
Operating-lease assets (leased space)$1.6M5 Dec 31, 2024$8.2M5 Dec 31, 2023−80.2%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$1.0M5 Dec 31, 2024$416.0K5 Dec 31, 2023+150.0%
Long-term investments$05 Dec 31, 2024$2.1M5 Dec 31, 2023−100.0%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$17.1M5 Dec 31, 2024$05 Dec 31, 2023
Intangible assets, net (excluding goodwill)$3.0M5 Dec 31, 2024$530.0K5 Dec 31, 2023+457.0%
Indefinite-lived intangibles (excluding goodwill)$05 Dec 31, 2024$530.0K5 Dec 31, 2023−100.0%
Finite-lived intangibles, gross$3.1M5 Dec 31, 2024$12.2M5 Dec 31, 2023−74.5%
Accumulated amortization$148.0K5 Dec 31, 2024$12.2M5 Dec 31, 2023−98.8%
Finite-lived intangibles, net$3.0M5 Dec 31, 2024$05 Dec 31, 2023

Inventory

ItemLatestA year beforeChange
Inventory, total$674.0K5 Dec 31, 2024$1.1M5 Dec 31, 2023−39.2%
Raw materials$313.0K5 Dec 31, 2024$647.0K5 Dec 31, 2023−51.6%
Work in process$06 Dec 31, 2023$06 Dec 31, 2022
Finished goods$361.0K5 Dec 31, 2024$462.0K5 Dec 31, 2023−21.9%

Properties, in its own words

A summary of the offices and properties that we lease or own are presented in the table below. Each of our facilities is considered to be in good condition, adequate for its purpose, and suitably utilized according to the individual nature and requirements of the relevant operations.

Base · Lease · Lease

The rest of Item 2

Reporting · Own or · Monthly · Begin · End

Purpose · Location · Segment · Lease · Rent · Date · Date

Dispensary (Cookies Sacramento) · Sacramento, CA · Retail · Lease · $ 15,636 · 6/1/2019 · 5/31/2029

Dispensary (Coastal Pines Group) · Northern CA · Retail · Lease · $ 12,381 · 8/1/2022 · 7/31/2027

Dispensary (Coastal Pines Group) · Northern CA · Retail · Lease · $ 7,500 · 1/1/2020 · 12/31/2025

Corporate Headquarters · Downey, CA · Corporate · Lease · $ 9,323 · 2/1/2023 · 5/31/2025

Item 2 of the 10-K filed Mar 13, 2025.4

Leadership

Who has led BLUM HOLDINGS, INC., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Sabas D. Carrillo2024–now

Chief financial officer

  1. Christopher R. Rivera2024
  2. Patty Chan2024–now
2025
Board members and other officers (2)

Timeline

  1. Jan 7, 20268-K Entered a material agreement; Unregistered sale of shares; Regulation FD disclosure14
  2. Dec 18, 20258-K Regulation FD disclosure15
  3. Dec 5, 20258-K Entered a material agreement; New debt or obligation; Unregistered sale of shares16
  4. Nov 20, 20258-K Executive or director change17
  5. Nov 14, 20258-K Results of operations; Regulation FD disclosure; Other events18
  6. Sep 22, 20258-K Entered a material agreement; New debt or obligation19
  7. Sep 19, 20258-K Financial statements and exhibits20
  8. Aug 29, 20258-K Results of operations; Regulation FD disclosure21
  9. Aug 14, 20258-K Results of operations; Regulation FD disclosure22
  10. Jul 3, 20258-K Entered a material agreement; Completed an acquisition or sale; Regulation FD disclosure23
  11. May 21, 20258-K Entered a material agreement; Completed an acquisition or sale; Regulation FD disclosure24
  12. May 16, 20258-K Entered a material agreement25
  13. Jan 22, 2024New chief executive Sabas D. Carrillo becomes CEO10

Calendar

When it reported results

  1. Nov 14, 2025Reported quarterly or annual results18
  2. Aug 29, 2025Reported quarterly or annual results21
  3. Aug 14, 2025Reported quarterly or annual results22
  4. May 14, 2025Reported quarterly or annual results26
  5. Mar 13, 2025Reported quarterly or annual results27
  6. Nov 13, 2024Reported quarterly or annual results28
  7. Aug 15, 2024Reported quarterly or annual results29
  8. May 15, 2024Reported quarterly or annual results30

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

106 filings to the SEC since October 2021: 2 annual reports, 6 quarterly reports, 53 major events, 26 insider forms, 1 large holders, 18 other. The latest 20:

  1. Mar 31, 202615-12G EDGAR
  2. Mar 31, 2026NT 10-K EDGAR
  3. Jan 27, 20264 EDGAR
  4. Jan 27, 20264 EDGAR
  5. Jan 27, 20264 EDGAR
  6. Jan 27, 20264 EDGAR
  7. Jan 27, 20264 EDGAR
  8. Jan 27, 20264 EDGAR
  9. Jan 7, 20268-K EDGAR
  10. Dec 19, 20253 FORM 3_ROSENBERG 20251219 EDGAR
  11. Dec 18, 20258-K EDGAR
  12. Dec 5, 20258-K EDGAR
  13. Nov 20, 20258-K EDGAR
  14. Nov 17, 20254 FORM 4_CARRILLO 20251117 EDGAR
  15. Nov 14, 20258-K EDGAR
  16. Nov 14, 202510-Q EDGAR
  17. Sep 22, 20258-K EDGAR
  18. Sep 19, 20258-K/A EDGAR
  19. Aug 29, 20258-K EDGAR
  20. Aug 14, 20258-K EDGAR

The 106 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

21 open-market trades by officers, directors and large owners since October 2021: 21 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
May 30, 2025Carrillo Sabas DChief Executive OfficerBuy392$0.68$268Form 4
May 29, 2025Carrillo Sabas DChief Executive OfficerBuy400$0.70$280Form 4
May 28, 2025Carrillo Sabas DChief Executive OfficerBuy250$0.76$190Form 4
May 23, 2025Carrillo Sabas DChief Executive OfficerBuy250$0.72$180Form 4
May 21, 2025Carrillo Sabas DChief Executive OfficerBuy300$0.82$245Form 4
May 21, 2025Carrillo Sabas DChief Executive OfficerBuy400$0.84$338Form 4
May 20, 2025Carrillo Sabas DChief Executive OfficerBuy940$0.83$779Form 4
May 19, 2025Carrillo Sabas DChief Executive OfficerBuy1,670$0.84$1.4KForm 4
Dec 17, 2024Carrillo Sabas DChief Executive OfficerBuy400$0.53$212Form 4
Dec 13, 2024Carrillo Sabas DChief Executive OfficerBuy675$0.47$319Form 4
Dec 12, 2024Carrillo Sabas DChief Executive OfficerBuy1,405$0.46$644Form 4
Dec 11, 2024Carrillo Sabas DChief Executive OfficerBuy650$0.47$305Form 4
Dec 10, 2024Carrillo Sabas DChief Executive OfficerBuy2,550$0.48$1.2KForm 4
Dec 5, 2024Carrillo Sabas DChief Executive OfficerBuy2,500$0.49$1.2KForm 4
Dec 4, 2024Carrillo Sabas DChief Executive OfficerBuy7,500$0.41$3.1KForm 4
Dec 3, 2024Carrillo Sabas DChief Executive OfficerBuy5,000$0.37$1.9KForm 4
Nov 27, 2024Carrillo Sabas DChief Executive OfficerBuy5,000$0.39$1.9KForm 4
Nov 26, 2024Carrillo Sabas DChief Executive OfficerBuy14,370$0.28$4.0KForm 4
Nov 21, 2024Carrillo Sabas DChief Executive OfficerBuy15,000$0.16$2.4KForm 4
Nov 20, 2024Carrillo Sabas DChief Executive OfficerBuy15,000$0.17$2.6KForm 4

All 21 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

  • Joseph GerlachSC 13G/A, 1 filing Feb 14, 202431

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Ascentis Wealth Management, LLC15$30.0%No change
Compass Financial Management LLC4$10.0%New

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How BLUM HOLDINGS, INC. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARBLUM HOLDINGS, INC.1
  • CIK0001996210
  • Employer ID (EIN)93-37351994
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)5900 Retail-Miscellaneous Retail1
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance1
  • Business address3242 South Halladay Street, Suite 202, Santa Ana, CA 927051
  • Phone32384100461
  • Shares outstanding25,230,686 as of Nov 13, 20259
  • Public float$5.0M as of Jun 30, 20244
  • AuditorGuzmanGray, Costa Mesa, California PCAOB ID 7143; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceOct 10, 20231
  • Filings106 in all: 8-K (50), 4 (15), 3 (7), 10-Q (6), 5 (4), S-8 POS (4), 424B3 (3), 8-K/A (3)1
    All 19 form types

    10-K (2), NT 10-K (2), S-4/A (2), 15-12G (1), 425 (1), 8-K12G3 (1), CORRESP (1), EFFECT (1), S-4 (1), SC 13G/A (1), UPLOAD (1)

  • Latest filingsAnnual report (10-K) Mar 13, 2025
    Quarterly report (10-Q) Nov 14, 2025
    Latest 8-K (8-K) Jan 7, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.001BLMH

From the cover page of the 10-K filed Mar 13, 2025 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks BLUM HOLDINGS, INC. names in Item 1A of its 10-K filed Mar 13, 2025: 57 risks under these headings, as written.4

  • Risks Relating to Our Business, Financial Position and Industry
  • Risks Related to an Investment in Our Securities
  • We have had significant changes to our operations, which may make it difficult for investors to predict future performance based on current operations.
  • We have incurred significant losses in prior periods, and losses in the future could cause the quoted price of our Common Stock to decline or have a material adverse effect on our financial condition, our ability to pay our debts as they become due and on our cash flow
  • We will likely need additional capital to sustain our operations and will likely need to seek further financing, which we may not be able to obtain on acceptable terms, or at all. If we fail to raise additional capital, as needed, our ability to implement our business model and strategy could be compromised.
  • We have entered into binding term sheets with third parties and cannot assure you that any anticipated arrangements under such term sheets will lead to definitive agreements. If we are unable to complete these arrangements in a timely manner and on terms favorable to us, our business may be adversely affected.
  • We face intense competition and many of our competitors have greater resources that may enable them to compete more effectively.
  • The effects of war, acts of terrorism, threat of terrorism, or other types of violence, could adversely affect our business.
  • If we fail to protect our intellectual property, our business could be adversely affected.
  • Although we believe that our products and processes do not and will not infringe or violate the intellectual property rights of others, it is possible such infringement or violation has occurred or may occur, which could have a material adverse effect on our business.
  • Our trade secrets may be difficult to protect.
  • Our business, financial condition, results of operations, and cash flow may in the future be negatively impacted by challenging global economic conditions, including negative impacts from continued inflation.
The other 47 risks
  • Our future success depends on our key executive officers and our ability to attract, retain, and motivate qualified personnel.
  • We may not be able to effectively manage our growth or improve our operational, financial, and management information systems, which would impair our results of operations.
  • If we are unable to continually innovate and increase efficiencies, our ability to attract new customers may be adversely affected.
  • We depend on the popularity of consumer acceptance of our product lines.
  • A drop in the retail price of medical and adult use marijuana products may negatively impact our business.
  • Federal regulation and enforcement may adversely affect the implementation of cannabis laws and regulations may negatively impact our revenues and profits.
  • We could be found to be violating laws related to cannabis.
  • Variations in state and local regulation, and enforcement in states that have legalized cannabis, may restrict cannabis-related activities, which may negatively impact our revenues and prospective profits.
  • Prospective customers may be deterred from doing business with a company with a significant nationwide online presence because of fears of federal or state enforcement of laws prohibiting possession and sale of medical or recreational marijuana.
  • Marijuana remains illegal under federal law.
  • Increased attention to climate change and ESG matters may adversely impact our business.
  • We are not able to deduct some of our business expenses.
  • We may not be able to attract or retain a majority of independent directors.
  • We may not be able to successfully execute on our merger and acquisition strategy.
  • Laws and regulations affecting the medical and adult use marijuana industry are constantly changing, which could detrimentally affect our cultivation, production and dispensary operations.
  • We may not obtain the necessary permits and authorizations to operate our medical and adult use marijuana businesses.
  • If we incur substantial liability from litigation, complaints, or enforcement actions, our financial condition could suffer.
  • We may have difficulty accessing the service of banks, which may make it difficult for us to operate.
  • Litigation may adversely affect our business, financial condition, and results of operations.
  • Our insurance coverage may not cover all significant risk exposures.
  • We may become subject to legal proceedings and liability if our products are contaminated.
  • Some of our lines of business rely on our third-party service providers to host and deliver services and data, and any interruptions or delays in these hosted services, security or privacy breaches, or failures in data collection could expose us to liability and harm our business and reputation.
  • Disruptions to cultivation, manufacturing and distribution of cannabis in California may negatively affect our access to products for sale at our dispensaries.
  • High tax rates on cannabis and compliance costs in California may limit our customer base.
  • Federal income tax reform could have unforeseen effects on our financial condition and results of operations.
  • Inadequate funding for the DOJ and other government agencies could hinder their ability to perform normal business functions on which the operation of our business may rely, which could negatively impact our business.
  • California’s phase-in of laboratory testing requirements could impact the availability of the products sold in our dispensaries.
  • There is uncertainty related to the regulation of vaporization products and certain other consumption accessories. Increased regulatory compliance burdens could have a material adverse impact on our business development efforts and our operations.
  • The scientific community has not yet extensively studied the long-term health effects of the use of vaporizer products.
  • If product liability lawsuits are brought against us, we will incur substantial liabilities.
  • Unionization of employees could have a material adverse impact on our business.
  • Competition from synthetic production and technological advances could adversely impact our profitability.
  • There are risks inherent in an agricultural business.
  • We may suffer from unfavorable publicity or consumer perception.
  • Our independent registered public accounting firm's report for the year ended December 31, 2024 is qualified as to our ability to continue as a going concern.
  • The Company has identified material weaknesses in its internal control over financial reporting and may identify additional material weaknesses in the future that may cause us to fail to meet the reporting obligations or result in material misstatements of our financial statements. If the Company fails to remediate any material weaknesses or if the Company fails to establish and maintain effective control over financial reporting, its ability to accurately and timely report its financial results could be adversely affected.
  • The Company’s subsidiaries, Unrivaled Brands, Inc. and Halladay Holding, LLC, have filed a petition under Chapter 11 of the Bankruptcy Code. Risks and uncertainties related to this filing could have a material adverse effect on the Company’s business, financial condition, results of operations and cash flows.
  • We expect to experience volatility in the price of our Common Stock, which could negatively affect stockholders’ investments.
  • Our Common Stock may be categorized as “penny stock,” which may make it more difficult for investors to sell their shares of Common Stock due to suitability requirements.
  • FINRA sales practice requirements may also limit a stockholder’s ability to buy and sell our Common Stock, which could depress the price of our Common Stock.
  • Our voting control is concentrated.
  • Claims for indemnification by our directors and officers may reduce our available funds to satisfy successful third-party claims against us and may reduce the amount of money available to us.
  • We may issue additional shares of Common Stock or preferred stock in the future, which could cause significant dilution to all stockholders.
  • Our charter documents and Delaware law could prevent a takeover that stockholders consider favorable and could also reduce the market price of our stock.
  • Because we do not intend to pay any cash dividends on our Common Stock, our stockholders will not be able to receive a return on their shares unless they sell them.
  • Failure to execute our strategies could result in impairment of goodwill or other intangible assets, which may negatively impact profitability.
  • If our acquired intangible assets become impaired in the future, we may incur significant impairment charges.

Legal proceedings

See "Note 26 – Commitments and Contingencies” of the Notes to Consolidated Financial Statements in Part II of this Annual Report on Form 10-K, which is incorporated herein by reference.

The opening of Item 3, Legal Proceedings.4

Sources

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