Bluma Wellness Archives - Green Market Report

Debra BorchardtJanuary 14, 2021


Cresco Labs (CSE: CL) (OTCQX: CRLBF) is buying Florida-based Bluma Wellness Inc. (CSE: BWEL.U) (OTCQX: BMWLF) in an all-stock deal valued at $213 million. Bluma Wellness operates as “One Plant Florida” and has seven strategically located dispensaries with eight more locations under legal control with plans to open.

“Our strategy at Cresco Labs is to build the most strategic geographic footprint possible and achieve material market positions in each of our states. With Florida, we will have a meaningful presence in all 7 of the 10 most populated states in the country with cannabis programs – an incredibly strategic and valuable footprint by any definition. We recognize the importance of the Florida market and the importance of entering Florida in a thoughtful way – we identified Bluma as having the right tools and key advantages for growth. Bluma is known for having best-in-class cultivation in the state of Florida, a differentiated retail experience and omnichannel offering with effective delivery, a clear pathway to scale and an incredible management team. We have a proven track record of integrating assets in strategic states, improving fundamentals, and amplifying operations to take share in the most competitive cannabis markets,” said Charles Bachtell, CEO of Cresco Labs.


The terms of the deal include Bluma shareholders receiving 0.0859 of a subordinate voting share of Cresco Labs for each Bluma Share held. The Exchange Ratio implies a price per Bluma Share of approximately $1.12, representing a premium of approximately 29% based on the closing price of Bluma Shares on the CSE as of January 13, 2021.

Last month, Bluma reported that its net revenue for the third quarter of 2020 increased by 47.7% from the prior quarter.  The revenue growth was driven primarily by the organic growth of existing dispensaries and the opening of additional retail dispensaries in the third quarter. Additionally, One Plant Florida has seen a steady increase in the average price per gram of medical cannabis flower sold, attributable to the market’s continued recognition of One Plant Florida’s premium medical cannabis products. Net income for the third quarter of 2020 was approximately $300,000.

Bluma used to be called Sol Global, but in 2019 changed its name. The company explained that “Bluma” is an ancient Hebrew word that means to flower, bloom, r 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.

“Bluma’s high-quality cultivation operations, scaled delivery platform, and strategic retail investments combined with Cresco Labs’ track record of execution and capital allocation creates the best path forward to accelerate growth for our business in Florida,” said Brady Cobb, CEO of Bluma. “Our vision for Bluma and One Plant Florida has always been to cultivate remarkable experiences through exceptional cannabis. Our management team took the responsibility to seriously assess potential partners and we’re thrilled to be joining an organization that aligns operationally and shares our passion for creating quality cannabis products.”


StaffOctober 7, 2020


Bluma Wellness Inc. (OTC:BMWLF) reported unaudited revenue figures for September, which were higher than its August revenue figures. The company did not release any net income or loss figures.

Bluma Wellness provided the following sales and financial highlights from the month of September 2020:

  • Revenue1: $1,738,275
  • Gross Price Per Pound2: $7,291.45
  • Ounces of Dried Medical Cannabis Flower Sold: 3788 oz
  • Milligrams (mg) of tetrahydrocannabinol (THC) Sold: 3,114,914 mg

In August, Bluma reported revenue of $1 million. During the month of September, One Plant Florida, the company’s wholly-owned, licensed operating subsidiary, said it averaged sales of 763 ounces of dried medical cannabis flower per retail dispensary, and 758,218 mg of distillate/oil sold per retail dispensary. Those sales positioned One Plant Florida third in ounces of dried medical cannabis flower sold per retail dispensary when compared against all other Medical Marijuana Treatment Centers in Florida, and ninth in mg of THC sold per retail dispensary when compared against all MMTCs in Florida, in each case according to published data from the Florida Office of Medical Marijuana Use.

THC Sold (mg)/average oz sold per retail dispensary compared to competitors, September 20203

  • Trulieve: 1544 oz of dried flower / 4,321,854 mg of THC sold per dispensary, number one in average ounces of flower sold per dispensary
  • GTI: 768 oz of dried flower / 685,417 mg of THC sold per dispensary, number two in average ounces of flower sold per dispensary
  • One Plant: 763 oz of dried flower/ 758,218 mg of THC sold per dispensary, number three in average ounces of flower sold per dispensary
  • Grow Healthy: 706 oz of dried flower / 1,183,808 mg of THC sold per dispensary, number four in average ounces of flower sold per dispensary
  • AltMed Florida (MuV): 561 oz of dried flower/ 2,598,743 mg of THC sold per dispensary, number five in average ounces of flower sold per dispensary
  • Suterra Wellness: 501 oz of dried flower/ 1,202,968 mg of THC sold per dispensary, number six in average ounces of flower sold per dispensary
  • Harvest: 392 oz of dried flower/ 865,381 mg of THC sold per dispensary, number seven in average ounces of flower sold per dispensary
  • Liberty Health Sciences: 335 oz of dried flower/ 950,291 mg of THC sold per dispensary, number eight in average ounces of flower sold per dispensary
  • Curaleaf: 308 oz of dried flower/ 1,551,792 mg of THC sold per dispensary, number nine in average ounces of flower sold per dispensary
  • Fluent: 292 oz of dried flower/ 1,032,209 mg of THC sold per dispensary, number ten in average ounces of flower sold per dispensary

Looking Ahead (Fall 2020)

In addition to its new Ocala location, Bluma Wellness said it intends to open four additional One Plant Florida retail dispensary locations and/or delivery hubs by the end of 2020, including in Avon Park (expected on or before October 16, 2020), Orlando (Fern Park) (expected on or before October 30, 2020), North Miami and Bonita Springs, pending receipt of all required local approvals and regulatory approvals from the Florida OMMU.

Debt Settlement Agreement

The Company also announced that it has entered into a Debt Settlement Agreement with an arm’s length creditor that paid expenses for and on behalf of the company in the course of providing services to the company. Pursuant to the terms and subject to the conditions of the Debt Settlement Agreement, the Company will issue an aggregate of 2,750,000 common shares in the capital of the company to the Creditor at a deemed price of US$0.557 per Common Share, in satisfaction of debt owing by the Company to the Creditor in the aggregate amount of US$1,532,679.00. The Common Shares will be subject to a statutory hold period which will expire four months and one day from the date of issuance in accordance with applicable securities laws.

StaffJanuary 9, 2020


SOL Global Investments Corp.’s  (CSE: SOL) (OTCPK: SOLCF) CannCure Investments Inc. will be going public through a reverse merger with  Goldstream Minerals Inc. (NEX: GSX.H). The companies entered into a letter of intent dated January 8, 2020, outlining the proposed terms and conditions.  Goldstream will buy a 100% interest in CannCure and then do a reverse takeover by the shareholders of CannCure. The deal is expected to close on or near March 31, 2020.

CannCure will be called “Bluma Wellness Inc.” with operations in Florida via One Plant Florida which is also known as 3 Boys Farm and in California with premium flower cultivator Northern Emeralds. The company said that the LOI was negotiated at arm’s length.

“Bluma will continue to execute on its plan to cultivate and deliver to patients and consumers the highest quality cannabis flower and flower derived products in the coveted Florida marketplace via One Plant Florida, and in California with premium flower producer Northern Emeralds. Bluma will also remain laser-focused on the responsible scale-up of its operations in both Florida and California with a continued focus on its proprietary home delivery model paired with strategically located flagship stores (that will also serve as delivery hubs) and efficient and data-driven premium flower cultivation”, said SOL Global CEO Brady Cobb.

Cobb, who is currently the CEO of SOL Global, will move over to become the CEO and Chairman of Bluma Wellness. SOL Global also stated that it will be the largest shareholder of Bluma. Former CannCure shareholders will become Bluma Shareholders.

“It has been an honor to lead one of the most dynamic and forward-thinking cannabis investment companies, and it’s has been my distinct privilege to work alongside our dedicated team as we assembled an amazing portfolio of cannabis, CBD and Esports investments” continued Brady Cobb. “My strengths have always been on the operations side, and I’m thrilled at the prospect of being able to focus exclusively on scaling up our operations in Florida and California and delivering value to our shareholders.”

Goldstream is listed on the NEX board of the TSX Venture Exchange, the company plans to delist the Goldstream shares from the NEX and then move to the Canadian Stock Exchange. SOL Global will stay at the CSE and the company said that it will not change its business to “that of a life sciences issuer operating as a multi-state cannabis operator in the United States.”


In addition to the reverse takeover announcement, SOL Global also reported that Canadian firm Duff & Phelps completed a valuation of its portfolio of private and public investments and concluded that the value of the Investment Portfolio, as at November 30, 2019, was in a range between $165.2 and $182.4 million with a midpoint of $173.8 million.

The company said that it has 54,459,256 common shares issued and outstanding and the valuation implied an NAV per share of approximately $1.70. The stock was lately trading at 40 cents per share with a market cap of $19 million as per Yahoo! Finance.

Debra BorchardtAugust 30, 2019


 SOL Global Investments Corp. (CSE: SOL) (OTCPK: SOLCF) reported a loss of $43.5 million for the first fiscal quarter versus a loss of $2.9 million for the same period in 2018.  The loss came to 81 cents per share for the quarter. The company attributed the loss to a devaluation of cannabis stocks totaling $33.5 million and expenses, with total expenses coming to $10.9 million for the quarter.

The main culprit was Sol Global’s investment in Verano Holdings, which is set to be acquired by Harvest Health & Recreation. As such, the Verano share price is linked to Harvest’s share price which has decreased significantly. In just that quarter the company experienced an unrealized loss of $55.9 million.

“It was a tough quarter for the Cannabis sector and that’s the primary reason for our unrealized loss.  The positive is that’s exactly what it was, unrealized. Brady continues to execute with tremendous success on CannCure and its transformation to Bluma Wellness while strategically building out his operational team and The Bluma Board. Paul Norman has built the foundation of an executive team and board that is simply unprecedented in this newly pioneered sector and their execution is what you would expect from a team of this caliber.” said SOL Global’s Chief Investment Officer Andrew DeFrancesco. “The investment team and I continue to provide the financing for growth while continuing to provide guidance toward strategy and execution for those core holdings. ”

The downturn hasn’t slowed the company. Last month, SOL Global bought 42% of Heavenly Rx Ltd. at a price of approximately $0.40 per share. The company also signed an agreement to acquire ECD, Inc., which operates as Humboldt County’s Northern Emeralds for $120 million payable in common shares. Northern Emeralds is expected to operate under Bluma Wellness.

SOL Global also plans to buy the Michigan-based MCP Wellness Inc. for a total of $35 million in cash and $115 million in common shock. MCP Wellness is presently operating three dispensaries in the Detroit area, is opening a fourth dispensary in Ann Arbor, and is finalizing plans to construct a cultivation facility.

In addition to that acquisition, SOL Global has signed a binding LOI to acquire six licensed cannabis dispensary companies and all One Plant intellectual property in California for $17 million, payable by $5 million in cash and $12 million in common shares, from Three Habitat Consulting Holdco Inc. that will subsequently operate under the nationally recognized “One Plant” brand. One Plant is expected to be the brand name of all of Bluma Wellnesses anticipated 49 retail stores spread throughout Florida, Michigan and California.

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