# EDGAR Filing Document

**Accession Number:** 0001996210
**File Stem:** 0001437749-25-019448
**Filing Date:** 2025-6
**Character Count:** 6514
**Document Hash:** ad94e37508defa8ef0405c2a3fb62dd3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-019448.hdr.sgml**: 20250604

**ACCESSION NUMBER**: 0001437749-25-019448

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250521

**FILED AS OF DATE**: 20250604

**DATE AS OF CHANGE**: 20250604

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Carrillo Sabas D
- **CENTRAL INDEX KEY:** 0001876882

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56626
- **FILM NUMBER:** 251024759

**MAIL ADDRESS:**
- **STREET 1:** 11516 DOWNEY AVE
- **CITY:** DOWNEY
- **STATE:** CA
- **ZIP:** 90241
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLUM HOLDINGS, INC.
- **CENTRAL INDEX KEY:** 0001996210
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-MISCELLANEOUS RETAIL [5900]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 933735199
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 3242 SOUTH HALLADAY STREET
- **STREET 2:** SUITE 202
- **CITY:** SANTA ANA
- **STATE:** CA
- **ZIP:** 92705
- **BUSINESS PHONE:** 3238410046

**MAIL ADDRESS:**
- **STREET 1:** 3242 SOUTH HALLADAY STREET
- **STREET 2:** SUITE 202
- **CITY:** SANTA ANA
- **STATE:** CA
- **ZIP:** 92705

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Carrillo Sabas D<br><sub>(Last) (First) (Middle)</sub><br>11516 DOWNEY AVE<br><sub>(Street)</sub><br>DOWNEY, CA 90241<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-05-21 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [X] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_Chief Executive Officer_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>BLUM HOLDINGS, INC. [ BLMH ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock | 2025-05-21 |  | P |  | 100<sup>(1)</sup> | A | $0.77 | 91797 | D |  |
| Common Stock | 2025-05-21 |  | P |  | 200<sup>(1)</sup> | A | $0.84 | 91997 | D |  |
| Common Stock | 2025-05-30 |  | P |  | 200<sup>(1)</sup> | A | $0.67 | 92197 | D |  |
| Common Stock | 2025-05-30 |  | P |  | 192<sup>(1)</sup> | A | $0.70 | 92389 | D |  |
| Common Stock |  |  |  |  |  |  |  | 4932154 | I | Adnant, LLC<sup>(2)</sup> |
| Series V Preferred Stock |  |  |  |  |  |  |  | 3571429<sup>(3)</sup> | I | Adnant, LLC<sup>(2)</sup> |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Warrants to Purchase Common Stock | $0.4600 |  |  |  |  |  |  | 2024-12-30 | 2027-12-31 | Common Stock | 595238 |  | 595238 | I | Adnant, LLC<sup>(2)</sup> |

---

### Footnotes:

(1) Purchase of common stock on the open market pursuant to the Board approval.

(2) Reporting Person is the CEO and managing member of Adnant, LLC.

(3) Each share of Series V Preferred Stock is convertible at the option of the holder into 1/3 of a share of Common Stock at any time from and after the first anniversary of the issuance date. Each share of Series V Preferred Stock automatically converts into Common Stock on the fourth anniversary of the issuance date.

**Signature:** /s/ Sabas Carrillo  
**Date:** 2025-06-04

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**