Market Trends & Consumer Behavior - Cannabis is becoming more accepted and normalized, even finding its way onto holiday dinner tables [1][2] - Alcohol consumption is at its lowest level in decades, with over half of respondents substituting cannabis for alcohol at least weekly [2][3] - The day before Thanksgiving is the second biggest sales day for the U S legal cannabis industry [4] - A cultural shift is making its way into some holiday dinners [8] Industry Growth & Financials - The U S legal cannabis industry was valued at just over $30 billion last year [4] - The cannabis market is forecasted to grow 4% this year to $31 6 billion [4] - The market is expected to reach $39 1 billion by 2029 [5] Legal & Regulatory Landscape - Despite state legalization, cannabis is still considered a Schedule one drug at the federal level, limiting access to banking investment and broader legitimacy [7] - Uncertainty at the federal level remains a significant hurdle for the industry [7][8]

Core Insights - Blum Holdings, Inc. reported its third quarter financial results for 2025, showcasing a third consecutive quarter of revenue growth and operational progress post-restructuring [2][3][4]. Financial Performance - Revenue increased by 39% from $3.5 million in Q2 2025 to $4.8 million in Q3 2025, driven by the acquisition of the Redding store [6]. - Year-to-date revenue growth from Q1 to Q3 2025 was 117%, while SG&A expenses rose by 51%, indicating effective operational leverage as revenue growth outpaced overhead [6]. - Gross margin for Q3 2025 was 48%, slightly down from 49% in Q2 2025, reflecting the impact of the Santa Clara County acquisition [6]. - Operating expenses totaled $3.8 million in Q3 2025, a 53% increase from $2.5 million in Q2 2025, attributed to the acquisition of new retail locations [6]. - The net loss from operations was $1.5 million in Q3 2025, compared to $0.8 million in Q2 2025, primarily due to acquisition and transition costs [6]. Strategic Developments - In October 2025, the company raised an additional $0.7 million, bringing total capital raised in 2025 to $3.2 million [4]. - The company is focusing on converting growth into profitability and strengthening its balance sheet as integration nears completion [4]. Asset and Liability Overview - Total assets increased by $20.3 million compared to year-end 2024, mainly due to the acquisition of two new retail stores [6]. - Total liabilities rose by $22.8 million from year-end 2024, reflecting the consolidation of acquired tax obligations [6]. - The company is evaluating strategies to address tax liabilities, including potential settlement opportunities under IRC Section 280E reform [6].

Industry Trend - The cannabis industry is experiencing a "pouch craze," similar to the popularity of Zyn [1] - Cannabis pouches are emerging as a new product category [1]

Group 1 - The meeting is chaired by Jesse Channon, the President of the corporation, who acknowledges the service of directors whose terms have expired [1] - Recognition is given to former Director Frank Savage for his years of service, especially following his passing [2] - Shareholders are thanked for submitting their proxies in advance of the virtual meeting [2] Group 2 - Questions regarding motions can be submitted by registered shareholders or duly appointed proxy holders through the Lumi AGM platform [3] - There will be a slight delay in publishing communications received during the meeting, and questions must include the name and entity represented [4] - Voting on all matters will be conducted via a single electronic ballot after all presentations [5]

Industry Trend - Edible Arrangements 的母公司 Edible Brands 正在进军大麻行业 [1]

Industry Trend - The cannabis industry is experiencing a "pouch craze," similar to the popularity of Zyn [1] - New cannabis pouches are entering the market [1]

Industry Trend - The cannabis industry is experiencing a "pouch craze," similar to the Zyn nicotine pouch trend [1]

Industry Trend - Cannabis industry is experiencing a "pouch craze" similar to Zyn [1]

Industry Trend - The cannabis industry is experiencing a "pouch craze," similar to the popularity of Zyn [1] Product Innovation - Cannabis pouches are emerging as a new product category [1]

Industry Overview - Cannabis legalization in Thailand in 2022 provided crucial support for rural farmers [1] Regulatory Uncertainty - The Thai government is now reversing its cannabis legalization policy, creating uncertainty for farmers [1] Economic Impact - The future of rural farmers who relied on cannabis as a lifeline is now unclear [1]