false 0001996210 0001996210 2024-07-12 2024-07-12
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 12, 2024
 
BLUM HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
 
Delaware
  
000-56626
  
93-3735199
(State or other jurisdiction
of incorporation)
  
(Commission
File Number)
  
(IRS Employer
Identification No.)
 
3242 S. Halladay St., Suite 202
Santa Ana, California
  
92705
(Address of principal executive offices)
  
(Zip Code)
 
Registrant’s telephone number, including area code: (888) 909-5564
 
Not Applicable
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Indicate by check mark whether the registrant is an emerging growth company as defined in in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company  ☐
 
If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
 
 
 
 
Item 7.01. Regulation FD Disclosure.
 
On July 12, 2024, Blum Holdings, Inc. (the "Company") issued a press release regarding the recent legal victories by its wholly owned subsidiary, Unrivaled Brands, Inc., against People's California, LLC. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
 
The information provided under this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act except as shall be expressly set forth by specific reference in such filing.
 
Item 9.01. Financial Statements and Exhibits.
 
(d) Exhibits.
 
Exhibit
  
Description
99.1
  
104
  
Cover Page Interactive Data File (embedded within the Inline XBRL Document).
 
2
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
BLUM HOLDINGS, INC.
  
     
Date: July 12, 2024
By:
/s/ Sabas Carrillo
  
   
Sabas Carrillo
  
   
Chief Executive Officer
  
 
 

EXHIBIT 99.1

 

Unrivaled Brands Wins Another Key Court Battle Against People’s California, LLC

 

SANTA ANA, Calif., July 12, 2024 (GLOBE NEWSWIRE) -- Blum Holdings, Inc. (OTCQB: BLMH) (the “Company,” “Blüm Holdings,” “we” or “us”), a cannabis company with subsidiaries operating throughout California, announces two more legal victories by its wholly owned subsidiary, Unrivaled Brands, Inc. (“Unrivaled”), against People’s California, LLC (“People’s”).  This time, Unrivaled successfully defended an ex parte application brought by People’s, with the Court denying People’s request for a multi-million dollar judgment to be entered against Unrivaled.  At the same hearing, the Court granted Unrivaled’s application for a preliminary injunction barring People’s from attempting to foreclose on a building owned by an affiliated entity and invalidating a prior foreclosure attempt by People’s, following a previously granted Temporary Restraining Order in favor of Unrivaled. 

 

People’s is owned, directly or indirectly, by Bernard Steimann, Jay Yadon, and Frank Kavanaugh.  These are the latest in a string of legal victories against People’s over the almost two years since Sabas Carrillo took over as CEO.  The legal victory comes after the sale of Blüm Santa Ana, a cannabis retail dispensary, pursuant to the Binding Settlement Term Sheet dated March 6, 2023 (the “Settlement”) that was intended to resolve all ongoing disputes between the parties, including claims of fraud brought by Unrivaled against Kavanaugh, Yadon, and Steimann.

 

Earlier this year, Blüm Holdings publicly distanced itself from the People’s brand and products after child molestation allegations against People’s Managing Member, Bernard Steimann, came to light.1  People’s is represented by Michael Caspino of Forward Counsel LLP and Deron Colby of Janus Capital Law Group in the matter.  Caspino has been noted as having “more than 20 years of experience representing Catholic dioceses and working on hundreds of child sexual abuse cases.”2 Colby also serves as Counsel to Medalist Diversified REIT where People’s member Frank Kavanaugh serves as President and CEO.  MDRR is described as “a Virginia-based real estate investment trust that specializes in acquiring, owning and managing commercial real estate in the Southeast region of the U.S.”3

 

Unrivaled was represented by Roger Scott of Buchalter law firm and intends to continue to defend itself against People’s in any future actions brought by them.

 

About Blüm Holdings

 

Blüm Holdings is a leader in the cannabis sector. Our commitment to quality, innovation, and customer service makes us a trusted name in the cannabis industry, dedicated to shaping its future. Blüm Holdings, through its subsidiaries, operates leading dispensaries throughout California as well as several leading company-owned brands including Korova, known for its high potency products across multiple product categories, including the legendary 1000 mg THC Black Bar.

 

For more info, please visit: https://blumholdings.com.

 

Contact:

Jason Assad

LR Advisors LLC.

jassad@blumholdings.com

678-570-6791

 

 

 

________________________________________________________________________

1 Blüm Responds to Allegations of Child Molestation By Bernard Steimann, “People’s California” Managing Member; Denounces Sexual Abuse of Children (yahoo.com)
2 Archdiocese moves to dismiss 36 sex abuse cases | Guam News | postguam.com
3 https://medalistreit.com/about/ 
 

 

 
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Document And Entity Information
Jul. 12, 2024
Document Information [Line Items]  
Entity, Registrant Name BLUM HOLDINGS, INC.
Document, Type 8-K
Document, Period End Date Jul. 12, 2024
Entity, Incorporation, State or Country Code DE
Entity, File Number 000-56626
Entity, Tax Identification Number 93-3735199
Entity, Address, Address Line One 3242 S. Halladay St., Suite 202
Entity, Address, City or Town Santa Ana
Entity, Address, State or Province CA
Entity, Address, Postal Zip Code 92705
City Area Code 888
Local Phone Number 909-5564
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity, Emerging Growth Company false
Amendment Flag false
Entity, Central Index Key 0001996210
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