Blüm Holdings (OTCQB: BLMH) announced its financial results for the year ended Dec. 31, 2024, marking the completion of a significant financial and operational transformation. The company’s earnings per common share were $1.79, compared with a $1.67 loss in 2023.
Blüm told investors that its revenue increased 67% to $12.9 million over last year’s $7.7 million. This growth was driven primarily by the integration of three retail stores in Northern California, which generated $7.7 millions. This was offset in part by a strategic divestment from non-core dispensaries. The income from operations for the year was $5.3 Million, compared to a net loss last year of $18.8 Million.
“Blüm’s 2024 performance is a testament to the disciplined execution of our financial, restructuring, litigation, and operational strategies,” CFO Patty Chan said. We have streamlined our business by strategically selling underperforming assets, consolidating Unrivaled and Halladay Holdings and integrating the key retail stores.
Net income for the company reached $33.1million, of which $12.9million was attributable “other income”, and $16.8million to net profit from ongoing operations. The company reported a net income of $16.2 million.
It is a testament to the company’s successful balance sheet management, and the restructuring strategies that were implemented by Adnant during its tenure.
“Over the past two years, we executed one of the most aggressive financial restructurings in the cannabis sector, transforming Blüm into a leaner, stronger, and more resilient company,” CEO Sabas Carrillo said. “We are positioned to maximize value-adding business opportunities which will generate shareholder returns and ensure long-term success.” This is why it’s important to remember that only $1.97m in new capital was raised by the company during this time period.
Carrillo said: “This highlights the strength of execution and our financial discipline.” With our restructuring and reorganization completed, litigation resolved, and a more streamlined operational model, Blüm has transitioned from a defensive restructuring phase to a strategy focused on measured expansion and financial sustainability.”
The company has announced that it will be pursuing acquisitions in order to achieve additional growth following its $900,000.
In February, Blüm settled with People’s California, ending over two and a half years of litigation brought by People’s California against Blüm Holdings and its wholly owned subsidiaries (and now debtors-in-possession in Chapter 11 bankruptcy proceedings), Unrivaled Brands Inc. and Halladay Holding.