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Bluma Wellness Inc. (CSE: BWEL.U, OTCQX: BMWLF) has secured a final order from the Supreme Court of British Columbia for its acquisition by Cresco Labs Inc. through a plan of arrangement. Following this, Bluma Shareholders will receive 0.0859 subordinate voting shares of Cresco for each Bluma Share held. The arrangement, approved on March 19, 2021, is still pending regulatory approval from the Florida Department of Health Office of Medical Marijuana Use. Bluma operates a licensed medical cannabis business in Florida under the name 'One Plant Florida'.
Bluma Wellness Inc. (CSE: BWEL.U, OTCQX: BMWLF) announced that its shareholders approved all resolutions during a Special Meeting, including the arrangement to acquire the Company by Cresco Labs Inc. Under this plan, Bluma shareholders will receive 0.0859 subordinate voting shares of Cresco for each Bluma Share held. The completion of this arrangement is contingent upon regulatory approval from the Florida Department of Health and a final court order from the Supreme Court of British Columbia. The Company will seek this approval on March 25, 2021.
Bluma Wellness Inc. (CSE: BWEL.U, OTCQX: BMWLF) announced a $7.5 million loan from Cresco Labs Inc. This funding will support capital expenditures for the expansion of its subsidiary, One Plant Florida, and cover tax liabilities related to vested restricted share units (RSUs). The loan, due by December 31, 2021, can be prepaid without penalty. Bluma Wellness operates a licensed medical cannabis business, providing diverse services to meet market demands as it aims for further growth in Florida.
Bluma Wellness Inc. (CSE: BWEL.U, OTCQX: BMWLF) has announced the expiration of the waiting period under the HSR Act for its acquisition by Cresco Labs (CSE: CL, OTCQX: CRLBF). The transaction is expected to close in Q2 2021, pending various regulatory approvals. CEO Brady Cobb expressed excitement about the merger, which aims to advance expansion plans in Florida. Bluma operates a licensed medical cannabis business, 'One Plant Florida,' providing retail and delivery services to patients. The company continues to focus on growth in the evolving Florida cannabis market.
Bluma Wellness Inc. (CSE: BWEL.U) (OTCQX: BMWLF) reported strong financial results for February 2021, showcasing gross revenue of $2,733,756 and approximately $1,125,000 after costs. The Company sold 4,704.46 ounces of dried medical cannabis flower and achieved a gross price of $8,817.79 per pound. One Plant Florida ranked third among Florida's Medical Marijuana Treatment Centers for dried cannabis flower sales. The Company plans to open additional retail dispensaries in 2021 and has settled certain legal claims for $3.64 million.
Bluma Wellness Inc. (CSE: BWEL.U, OTCQX: BMWLF) has filed a management information circular regarding a special meeting for shareholders on March 19, 2021. The meeting will address a proposed arrangement with Cresco Labs (CSE: CL, OTCQX: CRLBF) under a plan of arrangement. If approved, Bluma Shareholders will receive 0.0859 subordinate voting shares of Cresco for each Bluma Share held. Approval from shareholders, the Court, and regulatory bodies is required. The arrangement is expected to close by early Q2 2021, pending all necessary approvals.
Bluma Wellness Inc. (CSE: BWEL.U, OTCQX: BMWLF) proposes to amend the exercise price of 45,869,475 common share purchase warrants to US$1.01, aligning with the closing price on January 14, 2021. This adjustment is subject to approval from the CSE and unanimous consent from warrant holders. Additionally, the Company plans to redeem US$2,920,000 of its 6.0% unsecured debentures in Common Shares at a deemed price of US$0.81, also pending specific settlement agreements. The Company warns that future results may vary due to numerous risks, including regulatory issues and market competition.
