Sabas D. Carrillo - 31 Dec 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: 31 Dec 2025
Net transactions value: +$2,500,000
Form type: 4
Filing time: 27 Jan 2026, 17:04:38 UTC
Previous filing: 17 Nov 2025
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	27 Jan 2026	0001876882

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BLMH	Common Stock	Award	$2,500,000	+2,551,020	+29%	$0.9800	11,496,094	31 Dec 2025	Adnant, LLC	F1, F3
holding	BLMH	Common Stock						92,389	31 Dec 2025	Direct
holding	BLMH	Series V Preferred Stock						3,571,429	31 Dec 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	31 Dec 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	On December 31, 2025, the Company issued an aggregate of 2,551,020 shares of its common stock to Adnant, LLC, a related party, in satisfaction of a performance-based equity award earned pursuant to the Engagement Letter and ratified by the Company's Board of Directors. The shares were issued at an implied price of $0.98 per share. The issuance of the shares to Adnant was not registered under the Securities Act of 1933, as amended, and was made in reliance upon the exemption from registration provided by Section 4(a)(2) of the Securities Act.