SOL Global Investments (CSE:SOL)(OTCPK:SOLCF) is changing from an international cannabis investment company to a U.S. multi-state cannabis operator (MSO) under the Life Sciences category of the Canadian Securities Exchange. In addition to the business designation change, the company is also changing its name to Bluma Wellness.
The company explained that “Bluma” is an ancient Hebrew word which means to flower, bloom or blossom. It selected this name based on a key principle of the business: to ensure that its patients and consumers utilize the plant-based products to enhance their daily lives, namely to bloom and thrive.
Brady Cobb, the CEO of SOL Global, says the timing of the proposed change of business is strategic, stating: “One of the innate strengths of SOL Global’s management is knowing when to enter a market, as is evidenced with our early success in Canada and Florida. We have planned this transition and the market entrance of our MSO to coincide with the rapid growth of the legal U.S. cannabis marketplace amid a presumptive tail wind from federal policy reform initiatives related to cannabis, a process I’ve been deeply involved with. We believe that the timing of our MSO’s entrance to the market will position us well to capture that growth.”
The company said in a statement that its initial operations will include assets in three (3) of the top ten (10) cannabis markets by revenue in the U.S., as forecasted by ArcView market research – Florida, Michigan and California. SOL GLobal, now Bluma, said that it has focused in on a path to profitability by keeping the capital expense and the operating expense low with an efficiency-driven model of integrating operations and streamlining management, brand deployment and its proprietary delivery models across all three states.
Mr. Cobb said that the new name was chosen to be synergistic with the company’s new direction, stating that “We chose the name Bluma Wellness, as an appropriate way to honor the true intent of each seed that we cultivate, harvest, and deliver as a product to ensure that every single one of our customers has a consistent and enriching experience that allows them to flourish.” He added: “We also look forward to bringing investors a new kind of MSO, one that is focused on profitability in the short term through operational and logistical efficiencies and a keen eye on the bottom line.”