SOL Global becoming “Bluma Wellness” in push to become MSO
“One Plant” to become brand name for 49+ retail locations and home delivery
SOL Global Investments Corp. announced Wednesday that the company will rename and rebrand as they pivot toward becoming one of the United States’ largest Multi-State Operators.
During a special meeting of shareholders held on October 15, 2019 approximately 99.299% of votes cast approved a special resolution authorizing the company to amend its articles to change its name from “SOL Global Investments” to “Bluma Wellness Inc.”
The common shares of the Company will continue to trade on the CSE under its existing trading symbol, SOL.
The reason for the name change, a pivot toward directional and operational control of its properties and investments,was submitted for approval as well.
The motion, approved by 99.323% of votes cast at the Meeting, authorizes a change of business of SOL Global from an “investment company” to a “life sciences issuer” that will operate as a U.S. multi-state cannabis operator (“MSO”).
The name change reflects the company’s transition from an international cannabis investment company to that of an MSO under the life sciences category of the CSE.
SOL Global said in a release:
“With fully operational GMP and GAP certified cultivation and processing facilities, its first two dispensary sites opening this month and the roll out of its proprietary home delivery model in Florida, Bluma has already positioned itself for solid growth and the capture of market share in Florida. Additionally the expected acquisitions in California of ECD Inc. (operating as “Northern Emeralds”), an acclaimed craft cultivator and processor of premium cannabis flower based in Humboldt County, the One Plant chain of dispensaries, plus the expected acquisition in Michigan of MCP Wellness Inc. (“MCP Wellness”) and its operating dispensaries (plus its cultivation licenses and approved dispensary licenses) will position Bluma Wellness as a new breed of MSO that is laser-focused on product quality and operational efficiencies. Bluma Wellness intends to be one of the few MSOs to embrace and deploy responsible scaling of its operations and EBITDA generation, and just as importantly, will remain true to its mission of producing the highest quality cannabis flower in the United States.
“All of the strategic investments into cannabis brands and operations in Florida and the proposed investments in California and Michigan that were made by our team over the past year will pave the way for this transition to becoming a MSO,” said Bluma Wellness’ interim chair and CEO Brady Cobb. “We have assembled an incredibly talented and seasoned management team that is excited to operate and responsibly scale up both Bluma’s cultivation, processing and dispensing operations in Florida and the proposed operations in Michigan and California, which represent three (3) of the biggest markets by revenue, as well as Bluma’s portfolio of some of the strongest brands in the sector including Northern Emeralds, Old Pal, Venice Cookie Company and others. I am beyond thrilled to be able to bring these assets together and execute upon our strategic operations plan in Q4 and beyond.”