Bloomios Appoints Industry Veteran, Joe Reid, as Chief Manufacturing Officer

Rhea-AI Summary

Bloomios, Inc. (OTCQB: BLMS) announced the appointment of Joe Reid as Chief Manufacturing Officer for its subsidiary, Bloomios Private Label. Reid, a former head of production at Upexi, brings over a decade of manufacturing experience, particularly in cannabinoid supplements. His leadership aims to enhance operational efficiency following Bloomios' acquisition of Upexi’s subsidiary. This transition is expected to double production capacity and reduce costs, addressing previous limitations in meeting demand. Reid led significant production growth at Upexi, increasing output by 300% at a 30,000-square-foot facility.

Positive

• Appointment of Joe Reid expected to enhance operational efficiency.
• Acquisition of Upexi's subsidiary likely to double production capacity.
• Reid's leadership at Upexi previously increased production output by 300%.

Negative

• Concerns regarding continuity and experience gaps in the management team.

SANTA BARBARA, Calif., March 27, 2023 /PRNewswire/ -- Bloomios, Inc. (the "Company") (OTCQB: BLMS), a leading white-label and private-label manufacturer and wholesaler of hemp-derived nutraceutical, cosmetics and pet products, has appointed Upexi's former production division operations head, Joe Reid, as chief manufacturing officer of Bloomios' wholly owned subsidiary, Bloomios Private Label. 

more than a decade of manufacturing experience and deep knowledge of the cannabinoid supplements sector

Reid brings to Bloomios more than a decade of manufacturing experience and deep knowledge of the cannabinoid supplements sector.

His appointment follows Bloomios' acquisition of Upexi's wholly owned subsidiary announced in October of last year, with the facility relocation and integration currently underway.

Under his leadership, Upexi became a leading white and private label manufacturer for the CBD industry's largest brands. Reid led the development, opening and operations of Upexi's 30,000-square-foot manufacturing facility in Nevada, which increased the company's production output by 300%.

Earlier, Reid co-founded and served as chief operating officer of Upexi's predecessor manufacturing division, where he drove revenue growth to over $4 million before it was acquired by Upexi in 2020. He oversaw all business operations and production for the company's diverse line of products, including edibles, topicals and pet care. 

He began his career as a production worker at Edipure Washington, a Colorado-based cannabis edibles company and within a year he became the company's director of operations.  He holds a Bachelor of Science in Economics from Colorado State University.

"I'm excited to join Bloomios to lead this transition, where we are making strong progress towards completing the relocation of equipment, systems and operations to Bloomios' cGMP facility in Daytona," stated Reid. "We expect the state-of-the-art equipment and improved economies of scale will enable Bloomios to significantly increase both volume and range of product formats. We believe this will help us address demand that we were previously unable to meet due to constrained capacity."

As reported in Bloomios' announcement of the acquisition, the added operations are expected to more than double Bloomios' current production capacity across key production lines while reducing redundant costs across both the acquired and existing operations.

Bloomios CEO, Michael Hill, commented: "Under Joe's experienced leadership we see our expanding manufacturing operations, existing customer base and expanded professional sales team driving strong growth and market expansion ahead."

About Bloomios
Bloomios, Inc. manufactures, markets and distributes U.S. hemp-derived supplements and nutraceutical products through wholesale distribution channels and its wholly owned subsidiary, Bloomios Private Label. The company provides custom formulation, brand development, manufacturing and order fulfillment to a wide variety of customers, including small and major brands, chain stores, vape shops and distributors. It offers private-label and white-label customers a wide selection of more than 80 customizable hemp products across seven categories. Bloomios is headquartered in Santa Barbara, California, with manufacturing and distribution in Daytona Beach, Florida, and regional sales offices in Nevada, Colorado and Florida. To learn more, visit bloomios.com. 

Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the company's acquisition integration and market sectors, COVID-19, and the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the company.

Company Contact:
Doug Rohrer
Chief Business Officer
Bloomios, Inc.
Tel (805) 222-6467
Email contact

Investor Relations Contact:
Ronald Both
CMA Investor Relations
Tel (949) 432-7566
Email contact

Media Contact:
Tim Randall
CMA Media Relations
Tel (949) 432-7572
Email Contact

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SOURCE Bloomios, Inc.

FAQ

What is the significance of Joe Reid's appointment at Bloomios?

Joe Reid's appointment is significant as he brings extensive manufacturing experience and aims to enhance operational efficiency after the acquisition of Upexi's subsidiary.

How will Bloomios benefit from the recent acquisition?

The acquisition is expected to double Bloomios' production capacity and reduce costs, enabling the company to meet previously unmet demand.

What are Joe Reid's past accomplishments in the industry?

Joe Reid previously led Upexi to increase production output by 300% and managed significant revenue growth at its predecessor company.