Blüm is a small, California-focused cannabis holding company operating retail dispensaries and cannabis distribution. Blüm sells medical and adult-use cannabis products — including flower, edibles, topicals, concentrates, and accessories — directly to consumers through physical storefronts and delivery services. The company also owns the Korova brand, a line of high-potency cannabis products sold wholesale through licensed third-party distributors to dispensaries across California. Blüm operates two segments: Cannabis Retail and Cannabis Distribution. Blüm also earns management and consulting fees from operating or advising third-party dispensaries, including Cookies Sacramento. The business has been shrinking — Blüm sold four dispensaries in 2024, and its active retail footprint now consists primarily of Cookies Sacramento and two Northern California dispensaries it advises. Blüm's retail economics are pressured by California's heavy cannabis tax and regulatory burden, as well as IRS Section 280E, which prevents cannabis companies from deducting ordinary business expenses, raising the effective tax burden materially. Blüm is a very small operator with 76 employees, a history of losses, and a going concern qualification from its auditors. A subsidiary filed for Chapter 11 bankruptcy in late 2024, and while a settlement was reached in early 2025, Blüm's overall financial position remains precarious. Blüm's stock trades on the OTCQB market.