Form 3 Filing - BLUM HOLDINGS, INC.

This filing details the ownership of BLUM HOLDINGS, INC. (BLMH) by Douglas Rosenberg, who is a 10% owner. The filing, dated December 5, 2025, reports on various warrants to purchase common stock. These warrants have different exercise prices and expiration dates, ranging from December 30, 2024, to December 5, 2028. Some warrants are exercisable on a cashless basis under certain conditions, as outlined in footnote F1. The footnote specifies that if the underlying common shares are unregistered, the warrants may be exercised at the holder's election on a cashless basis and will be automatically exercised on a cashless basis upon expiration. The reported holdings are direct ownership.