Blum Holdings, Inc. (BLMH) announced on November 12, 2024, that its wholly owned subsidiary, Unrivaled Brands, Inc., has filed a petition for Chapter 11 bankruptcy. This filing follows a history of litigation from People’s California LLC and its principals.
The bankruptcy filing by Unrivaled Brands, Inc. highlights the ongoing legal and financial pressures faced by parts of Blüm Holdings' operations. This development indicates a significant challenge in the company's efforts to streamline its asset portfolio.
The action underscores the impact of external litigation on the company's structure and financial stability. Management is navigating these complexities as it continues its broader strategic transformation.
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