US: Blum Holdings provides update on settlement with People's California

Blum Holdings provided an update regarding its global settlement with People's California, LLC and affiliated parties, previously announced on February 24, 2025.

The parties have executed definitive documentation memorializing the terms of the settlement reached during the previously reported judicially supervised settlement conference. The comprehensive resolution, which remains subject to court approval, would resolve all outstanding litigation, adversary proceedings, and contested matters between the People's Parties, the Company, and the Company's wholly owned subsidiaries (and now debtors-in-possession in Chapter 11 bankruptcy proceedings), Unrivaled Brands, Inc. and Halladay Holding, LLC.

The Company believes that, if approved and made effective, the settlement will represent a significant milestone in its restructuring efforts and could provide greater clarity and stability for all stakeholders.

The parties have filed a "Motion to Approve Compromise of Controversy Between Debtors and People's California LLC and Related Parties" with the United States Bankruptcy Court for the Central District of California, requesting court approval of the settlement. The settlement will not become effective unless and until the Bankruptcy Court enters a final, non-appealable order approving its terms. There can be no assurance that the Bankruptcy Court will grant such approval or that the settlement will become effective.