Sabas Carrillo - 13 Nov 2025 Form 4 Insider Report for BLUM HOLDINGS, INC. (BLMH)

Role: Chief Executive Officer, Director, 10%+ Owner
Signature: /s/ Sabas Carrillo
Issuer symbol: BLMH
Transactions as of: 13 Nov 2025
Net transactions value: +$3,932,662
Form type: 4
Filing time: 17 Nov 2025, 17:26:31 UTC
Previous filing: 29 May 2025
Next filing: 27 Jan 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Carrillo Sabas D	Chief Executive Officer, Director, 10%+ Owner	11516 DOWNEY AVE, DOWNEY	/s/ Sabas Carrillo	17 Nov 2025	0001876882

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BLMH	Common Stock	Other	$1,500,000	+1,530,612	+31%	$0.9800	6,462,766	13 Nov 2025	Adnant, LLC	F1, F3, F4
transaction	BLMH	Common Stock	Other	$2,432,662	+2,482,308	+38%	$0.9800	8,945,074	13 Nov 2025	Adnant, LLC	F1, F5
holding	BLMH	Common Stock						92,389	13 Nov 2025	Direct
holding	BLMH	Series V Preferred Stock						3,571,429	13 Nov 2025	Adnant, LLC	F1, F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
holding	BLMH	Warrants to Purchase Common Stock						595,238	13 Nov 2025	Common Stock	595,238	$0.4600	Adnant, LLC	F1

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Reporting Person is the CEO and managing member of Adnant, LLC.
F2	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.
F3	Conversion of outstanding accounts payable in the amount of $1,500,000 owed by the Company to Adnant, LLC into shares of common stock.
F4	Conversion price of $0.98 per share.
F5	On November 13, 2025, Blum Holdings, Inc. (the "Company") issued 2,482,308 shares of Common Stock to Adnant,LLC ("Adnant") pursuant to the Debt Conversion Agreement between the Company and Adnant dated December 30, 2024. The Debt Conversion Agreement provides that, if the Company enters into any financing agreement with a third party on terms more favorable than the per-share price or discount set forth therein, the Company will, at Adnant's request, amend and restate the Debt Conversion Agreement to reflect economics at least equal to those of such third-party financing. The shares were issued at a per-share price of $0.98.