BLUM HOLDINGS Business Summary

Blüm Holdings, Inc. (BLMH) is a California-based cannabis holding company that generates revenue through a vertically integrated model spanning cultivation, manufacturing, distribution, and retail operations. The company operates through two primary reportable segments: Cannabis Retail, which accounts for approximately 97% of total revenue via physical dispensaries and non-storefront delivery services, and Cannabis Distribution, which facilitates the wholesale of third-party and proprietary products. Its portfolio is anchored by the high-potency Korova brand, known for its signature 1000 mg THC Black Bar, and retail footprints under the Blüm and Cookies Sacramento banners. Within the fragmented California market, Blüm Holdings competes directly with multi-state and regional operators such as Glass House Brands, MedMen Enterprises, and The Parent Company (TPCO), positioning itself as a brand-forward turnaround play focused on optimizing retail density and high-margin product categories. The leadership team is currently spearheaded by Sabas Carrillo, who serves as Chief Executive Officer and Chairman of the Board. Carrillo, the founder of the boutique advisory firm Adnant, LLC, brings over 25 years of expertise in SEC financial reporting and capital markets strategy, having guided numerous cannabis firms through public offerings and restructurings. He is supported by Chief Financial Officer Patty Chan, an accounting veteran with a background in hypergrowth compliance, and Chief Legal Officer Robert Baca, whose pedigree includes corporate law tenures at Kirkland & Ellis, Paul Hastings, and Goldman Sachs. The executive suite also includes Tracy McCourt as Chief Revenue Officer and Joe Gerlach as Chief Cannabis Officer. The company’s strategic direction is overseen by a board that includes James Miller, the former COO, and Brad Hirsch, reflecting a leadership core heavily integrated with Adnant’s operational and financial advisory ecosystem.