Strategic Reorganization and Financial Highlights:
- Leadership and Vision: Our transformative restructuring and strategic reorganization, culminating in a refreshed board and executive team and a new holding company structure, have injected fresh perspectives and robust expertise into our operations. We believe that these changes may optimally position the Company for sustainable growth and operational efficiency.
- Financial Performance and Retail Operations Focus: Revenue from continuing operations for fiscal year 2023 was
$ 33.0 million , a reflection of our pivot to retail-centric operations. Prior year cultivation-related figures are now treated as discontinued operations. - Quarterly Resilience: Quarter-on-quarter retail revenue remained materially consistent with Q3 revenue, falling from
$8.4 million to$8.0 million . Our gross profit margin remained strong at 53%, demonstrating our commitment to maintaining operational efficiency. - Transactional Growth: Amidst a challenging market, our total transactions in 2023 grew by 5% from 2022, highlighting our ability to attract and retain customers.
Financial Health : Our decisive actions have led to the elimination of a significant amount of debt, strengthening our balance sheet and positioning us for a future of growth and opportunity.- Navigating a Dynamic Market: In the face of a downturn in the
California cannabis market, Blüm Holdings has displayed exceptional resilience slightly outperforming the broader cannabis market trends in 2023. OurSanta Ana stores faced the brunt of these challenges, operating in a highly promotional landscape while contending with new competitors. Yet, our revitalized operations at ourSan Leandro andOakland stores witnessed notable revenue growth and a remarkable 29% increase in transactions at theOakland store, underscoring our agility and market adaptability.
Sabas Carrillo, Chief Executive Officer of Blüm Holdings stated, “As we embark on 2024, we are committed to building on the hard work and momentum of 2023 with strategic growth initiatives, focusing on retail opportunities, margin growth through the development of in-house brands, strategic shelf control, alongside persistent efforts towards debt reduction and continued emphasis on operational efficiency to drive shareholder value. Our journey through 2023’s headwinds has not only solidified our market standing but also sharpened our strategic vision for a thriving future in the cannabis industry.”
These estimates should not be viewed as a substitute for our full interim or annual financial statements prepared in accordance with
About Blüm Holdings
Blüm Holdings is a company focused on the cannabis sector with operations in
For more info, please visit: https://blumholdings.com.
Cautionary Note Regarding Forward Looking Statements
Certain statements contained in this communication regarding matters that are not historical facts, are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, known as the PSLRA. The Company uses words such as “anticipates,” “believes,” “plans,” “expects,” “projects,” “future,” “intends,” “may,” “will,” “should,” “could,” “estimates,” “predicts,” “potential,” “continue,” “guidance,” and similar expressions to identify these forward-looking statements that are intended to be covered by the safe-harbor provisions of the PSLRA. These include statements regarding management's intentions, plans, beliefs, expectations, or forecasts for the future, and, therefore, you are cautioned not to place undue reliance on them. Such forward-looking statements are based on the Company’s current expectations based on information currently available and involve risks and uncertainties; consequently, actual results may differ materially from those expressed or implied in the statements due to a number of factors. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected.
New factors emerge from time-to-time and it is not possible for the Company to predict all such factors, nor can the Company assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Such risks may include, among others, the risks and uncertainties identified and discussed in the “Risk Factors” section of the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed from time to time with the
Contact:
jassad@blumholdings.com
678-570-6791
Source:
2024 GlobeNewswire, Inc., source