Blüm Subsidiary Unrivaled Files Suit Against Bernard Steimann, Dan Troup, and Troup Construction for Theft

Rhea-AI Summary

Blüm Holdings, Inc. subsidiary files civil complaint for theft of signage at Santa Ana store. The complaint alleges theft by individuals upset over rebranding.

Positive

• None.

Negative

• Theft of signage may impact Blüm Holdings, Inc.'s reputation and business operations.
• Legal proceedings could result in financial and time-consuming implications for the company.

SANTA ANA, Calif., March 06, 2024 (GLOBE NEWSWIRE) -- Blüm Holdings, Inc. (OTCQB: BLMH) (“Company,” “we” or “us”), a cannabis company with operations throughout California, announced today that its subsidiary, Unrivaled Brands, Inc. (“Unrivaled”), filed a civil complaint against Bernard Steimann, Daniel Troup, and Troup Construction for civil theft, conversion, and declaratory relief arising from the alleged theft of Blüm’s signage at approximately 5:30 a.m. the morning of January 18^th from the Blüm Santa Ana store. A police report, a copy of which was attached to the complaint, was filed on January 31^st for “Grand Theft from Building $950 or more.”

The complaint alleges that Steimann was upset that Blüm Santa Ana was recently rebranded to “Blüm” from “People’s,” a brand in which Steimann holds an interest, and conspired with Daniel Troup to steal commercial signs from the Blüm Santa Ana cannabis dispensary.  

The complaint details Unrivaled’s reputational concerns about continuing to be associated with People’s California, LLC (“People’s California”) and its founders reading in part, “Unrivaled management has received inquiries questioning its association with the People’s brand. Unrivaled is aware that People’s California released a social media video depicting People’s California’s founder and majority owner, Bernard Steimann destroying a field of cannabis plants using a People’s-branded off-road truck. The actions depicted in the video were antithetical to Unrivaled’s outlook toward cannabis, and Unrivaled is informed and believed that the video was not well received in the cannabis community. While the video may have been looked down upon by some in the cannabis community, Unrivaled also became aware of public court filings alleging that Mr. Steimann had engaged in conduct that would be considered despicable in any community. Unrivaled determined that it cannot be associated with people who engage in, or are accused of engaging in, such conduct.”

CEO Sabas Carrillo stated, “Management had made the business decision to rebrand the retail location to ’Blüm’ from ’People’s’ in order to align the Company with a brand and image that represents our culture and values; from the way we conduct ourselves in business to the standards to which we hold ourselves in our personal affairs. We as an industry, as a company, as a team, and as individuals aspire to be better and “Blüm” has always stood for that in the cannabis industry. We feel it is important to distance ourselves from the People’s brand at this time.”      

On Tuesday February 28^th Blüm Santa Ana obtained a Temporary Restraining Order against New Patriot Holdings, Inc., (“New Patriot”) to stop New Patriot from interfering with Blüm Santa Ana’s parking. New Patriot is an affiliate entity of People’s California originally incorporated by Mr. Steimann and owned at least in part by Jay Yadon. Deron Colby of Janus Capital Law Group appeared on behalf of New Patriot in that matter. In other matters, Mr. Colby is counsel to Medalist Diversified REIT, Inc.

About Blüm Holdings

Blüm Holdings is a leader in the cannabis sector. Our commitment to quality, innovation, and customer service makes us a trusted name in the cannabis industry, dedicated to shaping its future. Blüm Holdings operates leading dispensaries throughout California as well as several leading company-owned brands including Korova, known for its high potency products across multiple product categories, including the legendary 1000 mg THC Black Bar.

For more info, please visit: https://blumholdings.com.

Contact:
Jason Assad
LR Advisors LLC.
jassad@unrivaledbrands.com
678-570-6791

FAQ

What legal action did Blüm Holdings, Inc. take against individuals regarding theft of signage at their Santa Ana store?

Blüm Holdings, Inc. filed a civil complaint against Bernard Steimann, Daniel Troup, and Troup Construction for civil theft, conversion, and declaratory relief.

When did the alleged theft of Blüm's signage at the Santa Ana store take place?

The alleged theft occurred at approximately 5:30 a.m. on January 18th.

What was the police report filed in relation to the theft?

A police report for 'Grand Theft from Building $950 or more' was filed on January 31st.

Why did the complaint allege theft by Bernard Steimann and Daniel Troup?

The complaint alleges that Steimann was upset over the rebranding of Blüm Santa Ana to 'Blüm' from 'People's' and conspired with Daniel Troup to steal commercial signs from the dispensary.

What concerns were detailed in the complaint filed by Unrivaled Brands, Inc.?

The complaint detailed Unrivaled's reputational concerns following the alleged theft of signage.

What brand was Blüm Santa Ana rebranded to from 'People's'?

Blüm Santa Ana was rebranded to 'Blüm' from 'People's'.

What operations does Blüm Holdings, Inc. conduct?

Blüm Holdings, Inc. is a cannabis company with operations throughout California.