Bluma Wellness Reports Increasing Revenue

Bluma Wellness Inc. (OTC:BMWLF) reported unaudited revenue figures for September, which were higher than its August revenue figures. The company did not release any net income or loss figures.

Bluma Wellness provided the following sales and financial highlights from the month of September 2020:

  • Revenue1: $1,738,275
  • Gross Price Per Pound2: $7,291.45
  • Ounces of Dried Medical Cannabis Flower Sold: 3788 oz
  • Milligrams (mg) of tetrahydrocannabinol (THC) Sold: 3,114,914 mg

In August, Bluma reported revenue of $1 million. During the month of September, One Plant Florida, the company’s wholly-owned, licensed operating subsidiary, said it averaged sales of 763 ounces of dried medical cannabis flower per retail dispensary, and 758,218 mg of distillate/oil sold per retail dispensary. Those sales positioned One Plant Florida third in ounces of dried medical cannabis flower sold per retail dispensary when compared against all other Medical Marijuana Treatment Centers in Florida, and ninth in mg of THC sold per retail dispensary when compared against all MMTCs in Florida, in each case according to published data from the Florida Office of Medical Marijuana Use.

THC Sold (mg)/average oz sold per retail dispensary compared to competitors, September 20203

  • Trulieve: 1544 oz of dried flower / 4,321,854 mg of THC sold per dispensary, number one in average ounces of flower sold per dispensary
  • GTI: 768 oz of dried flower / 685,417 mg of THC sold per dispensary, number two in average ounces of flower sold per dispensary
  • One Plant: 763 oz of dried flower/ 758,218 mg of THC sold per dispensary, number three in average ounces of flower sold per dispensary
  • Grow Healthy: 706 oz of dried flower / 1,183,808 mg of THC sold per dispensary, number four in average ounces of flower sold per dispensary
  • AltMed Florida (MuV): 561 oz of dried flower/ 2,598,743 mg of THC sold per dispensary, number five in average ounces of flower sold per dispensary
  • Suterra Wellness: 501 oz of dried flower/ 1,202,968 mg of THC sold per dispensary, number six in average ounces of flower sold per dispensary
  • Harvest: 392 oz of dried flower/ 865,381 mg of THC sold per dispensary, number seven in average ounces of flower sold per dispensary
  • Liberty Health Sciences: 335 oz of dried flower/ 950,291 mg of THC sold per dispensary, number eight in average ounces of flower sold per dispensary
  • Curaleaf: 308 oz of dried flower/ 1,551,792 mg of THC sold per dispensary, number nine in average ounces of flower sold per dispensary
  • Fluent: 292 oz of dried flower/ 1,032,209 mg of THC sold per dispensary, number ten in average ounces of flower sold per dispensary

Looking Ahead (Fall 2020)

In addition to its new Ocala location, Bluma Wellness said it intends to open four additional One Plant Florida retail dispensary locations and/or delivery hubs by the end of 2020, including in Avon Park (expected on or before October 16, 2020), Orlando (Fern Park) (expected on or before October 30, 2020), North Miami and Bonita Springs, pending receipt of all required local approvals and regulatory approvals from the Florida OMMU.

Debt Settlement Agreement

The Company also announced that it has entered into a Debt Settlement Agreement with an arm’s length creditor that paid expenses for and on behalf of the company in the course of providing services to the company. Pursuant to the terms and subject to the conditions of the Debt Settlement Agreement, the Company will issue an aggregate of 2,750,000 common shares in the capital of the company to the Creditor at a deemed price of US$0.557 per Common Share, in satisfaction of debt owing by the Company to the Creditor in the aggregate amount of US$1,532,679.00. The Common Shares will be subject to a statutory hold period which will expire four months and one day from the date of issuance in accordance with applicable securities laws.

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