SANTA
ANA, Calif., Feb. 13, 2024 – PRESS RELEASE – BlümHoldings Inc., a cannabis company with operations throughout California, executed
a binding letter of intent (LOI) with Operators Only Corp. to add three
additional dispensaries to its retail portfolio. If completed, the proposed acquisition
could represent a significant milestone in Blüm Holdings’ expansion strategy
and may help solidify the company’s position as a key player in Northern
California’s retail landscape.
Operators
Only owns and operates three retail stores in Sacramento, including a flagship
Cookies cannabis dispensary located in downtown Sacramento, a dispensary in
North Sacramento, and another in South Sacramento.
“We
are delighted to announce the successful execution of our binding LOI with
Operators Only,” Blüm Holdings CEO Sabas Carrillo said. “We expect the proposed
acquisition to represent a significant step forward in our growth trajectory.
Following a corporate reorganization, it is a privilege and point of pride for
some of the best operators in the state to want to work with us."
If
the proposed acquisition is completed, the addition of Operators Only's
portfolio is expected to generate an estimated $14 million in additional
revenue for Blüm Holdings. This substantial revenue increase reflects the
robust potential of the Sacramento retail market and underscores the company’s
confidence in its long-term growth prospects.
"This
is another step forward for Blüm Holdings to compete in and dominate the
California cannabis market," Sabas said.
The
proposed acquisition is subject to the execution of definitive agreements. No
assurances can be made that the company will successfully negotiate and enter
into definitive agreements for the proposed acquisition or that the company
will be successful in completing the proposed acquisition.
