California marijuana company Blüm Holdings plans to acquire three Sacramento cannabis retail stores from Operators Only Corp.
The proposed purchase price is $9.7 million, including “a $1.9 million secured promissory note over 34 to 42 months” and issuance of more than 1.8 million common shares of Blüm, according to a follow-up news release issued Wednesday.
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The sellers will get nearly 16% of Blüm, “incorporating an additional approximate $14.0 million of revenue to the Company’s 2023 revenues of $33 million while not diluting” gross margin, the release noted.
The sellers also “retain the option to exchange their stock issuance for a five year note in two years at a 35% discount to the purchase price value of the stock.”
The three locations comprise
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