X0508 4 2025-11-13 0001996210 BLUM HOLDINGS, INC. BLMH 0001876882 Carrillo Sabas D 11516 DOWNEY AVE DOWNEY CA 90241 1 1 1 Chief Executive Officer 0 Common Stock 2025-11-13 4 J 0 1530612 0.98 A 6462766 I Adnant, LLC Common Stock 2025-11-13 4 J 0 2482308 0.98 A 8945074 I Adnant, LLC Common Stock 92389 D Series V Preferred Stock 3571429 I Adnant, LLC Warrants to Purchase Common Stock 0.4600 2024-12-30 2027-12-31 Common Stock 595238 595238 I Adnant, LLC Reporting Person is the CEO and managing member of Adnant, LLC. 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. Conversion of outstanding accounts payable in the amount of $1,500,000 owed by the Company to Adnant, LLC into shares of common stock. Conversion price of $0.98 per share. 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. /s/ Sabas Carrillo 2025-11-17