SEC Form 3
FORM 3 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES


Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person*
ROSENBERG DOUGLAS
(Last) (First) (Middle)
11516 DOWNEY AVE
(Street)
DOWNEY CA 90241
(City) (State) (Zip)
2. Date of Event Requiring Statement (Month/Day/Year)
12/05/2025 		3. Issuer Name and Ticker or Trading Symbol
BLUM HOLDINGS, INC. [ BLMH ]
4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director X 10% Owner
Officer (give title below) Other (specify below)
5. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4) 2. Amount of Securities Beneficially Owned (Instr. 4) 3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 4. Nature of Indirect Beneficial Ownership (Instr. 5)
Table II - Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4) 2. Date Exercisable and Expiration Date (Month/Day/Year) 3. Title and Amount of Securities Underlying Derivative Security (Instr. 4) 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 6. Nature of Indirect Beneficial Ownership (Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Warrants to Purchase Common Stock 12/30/2024 12/30/2027 Common Stock 117,647(1) 0.17 D
Warrants to Purchase Common Stock 12/30/2024 12/30/2027 Common Stock 37,736(1) 0.53 D
Warrants to Purchase Common Stock 05/07/2025 05/07/2028 Common Stock 75,472(1) 0.53 D
Warrants to Purchase Common Stock 05/08/2025 05/08/2028 Common Stock 122,642(1) 0.53 D
Warrants to Purchase Common Stock 09/16/2025 09/17/2028 Common Stock 571,429(1) 0.35 D
Warrants to Purchase Common Stock 09/17/2025 09/17/2028 Common Stock 285,714(1) 0.35 D
Warrants to Purchase Common Stock 12/01/2025 12/08/2028 Common Stock 228,571(1) 0.35 D
Warrants to Purchase Common Stock 12/02/2025 12/02/2028 Common Stock 228,571(1) 0.35 D
Warrants to Purchase Common Stock 12/03/2025 12/03/2028 Common Stock 571,429(1) 0.35 D
Warrants to Purchase Common Stock 12/04/2025 12/04/2028 Common Stock 114,286(1) 0.35 D
Warrants to Purchase Common Stock 12/05/2025 12/05/2028 Common Stock 571,429(1) 0.35 D
Explanation of Responses:
1. The warrants are exercisable at any time for the underlying registered common stock, at their applicable conversion prices. In the event that the underlying common shares are unregistered, the warrants may be exercised at any time at the election of the holder on a cashless basis. The warrants are exercisable until the expiration date upon which the warrants shall be automatically exercised on a cashless basis.
/s/ Douglas Rosenberg 12/19/2025
** Signature of Reporting Person Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.