Blum Holdings Spends Nearly $15M for Cookies Stake, California Retail Store

The company will merge with Mesh Ventures.

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Blum Holdings

Blum Holdings today announced a series of acquisitions that will provide it will an equity stake in cannabis brand Cookies. The company is receiving $900,000 in financing led by Douglas Rosenberg, co-founder and CEO of Mesh Ventures and co-founder of 1212 Ventures, both of which hold significant investments in Cookies.

Highlights from the potential transactions:

  • Blüm, via a wholly owned subsidiary intends to acquire all of the membership interests in Mt. Tam Ventures II, LLC, a holding company with equity in Cookies, a globally recognized cannabis brand. Key economic terms include $250,000 payable in cash and the issuance of 1,931,152 shares of Blüm common stock valued at a $1.90 per share, for a total transaction value of $3.9 million. The transaction, if consummated, would strengthen Blüm’s portfolio and position Blüm alongside one of the most influential brands in the industry.
  • Blüm, via a wholly owned subsidiary intends to merge with and acquire Mesh Ventures, LLC, a venture fund that also holds equity in Cookies. The transaction, if consummated, would enhance alignment with key stakeholders and strengthen collaborations across Blüm’s brand and retail ecosystems, customer touchpoints, and marketing reach. Key economic terms include $359,610 payable in cash and the issuance of 4,531,965 shares of Blüm common stock valued at $1.90 per share, for a total transaction value of $9.0 million.
  • Blüm, via a wholly owned subsidiary will acquire a licensed retail cannabis store in Northern California, a critical market for the industry. Acquisition consideration includes $1.3 million in cash and $500,000 in Blüm common stock, with milestone-based bonus awards. The transaction, if consummated, would bolster the Company’s operational footprint and expand its direct-to-consumer reach.

Blüm, through a subsidiary, operates a Cookies-branded store and has partnered with Cookies in events such as Hall of Flowers and the Emerald Cup. Sabas Carrillo, the CEO of Blüm, served as chief financial officer of Cookies from 2018 to 2020.

“Our ability to secure this financing reflects the confidence of our stakeholders in our disciplined approach,” said Carrillo. “This capital is a key component in enabling us to pursue opportunities that align with our gameplan. Every move we make is part of a long-term vision. These transactions align Blüm with some of the most iconic brands in and out of the cannabis sector, strengthen our market position, and enhance opportunities for future growth,” continued Carrillo.

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