California Cannabis Co. Blum Reports $33M In 2023 Revenue After Wrapping Up Restructuring

California cannabis company Blum Holdings, Inc. UNRVD reported its preliminary and unaudited financial results on Tuesday for the fiscal year and quarter ended December 31, 2023. Revenue from continuing operations for FY 2023 totaled $33 million, following a year of restructuring and strategic reorganization.

In October, Unrivaled Brands, Inc. revealed its intentions to implement a reorganization in which a new Delaware holding company, Blum Holdings, Inc., became the publicly traded holding company of Unrivaled Brands and its subsidiaries.

The company wrapped up the process in early January, shortly after implementing a reverse stock split of its common stock at a 1-for-100 ratio.

The move resulted in "a refreshed board and executive team and a new holding company structure," the company said in Tuesday's press release.

Financial Highlights From Quarter And FY Ended Dec. 2023

• Quarter-over-quarter retail revenue remained materially consistent with the third quarter revenue, decreasing from $8.4 million to $8 million.
• Gross profit margin was 53% in the quarter ended Dec. 31.
• Total transactions in 2023 grew by 5% year-over-year.

Sabas Carrillo, Blum's CEO, shed light on what's next for the company in 2024.

"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,"  Carrillo said. "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."

UNRVD Price Action

Blum Holdings' shares traded 6.25% lower at $0.75 per share at the time of writing on Tuesday morning.

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