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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.
Haven Nectar operates 10 stores in California under the Haven brand, according to its website.
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.
