Blum Holdings Inc (BLMH)

[La Puma]

Hey IP - glad all is well.

I’m going to pop in here every once in awhile and follow the conversation.

Full disclosure: I have been totally out of TRTC after the RS and monitoring.

A few questions for you:

1. What do you make of the VanVrede drama? From what I can tell, the VV’s messed up. Curious on your perspective and the overhang it represents. The downside is I don’t see an outcome where TRTC retains the NJ greenhouse, as it is beyond reconciliation with VV’s and the building sits on the land they own... its weird and messy.

2. In the earnings transcript, I see Derek was asked about that greenhouse and it’s cannabis potential. He quoted wholesale and high end prices per pound and then said the NJ greenhouse is estimated to be able to do $30M annually if converted. Seems much lower than out estimates. Please advise.

3. The Q1 revenue numbers were a bit underwhelming. What, $10M? $40M run rate for the year with CA now legal, NV full year rec, add’l dispensary in Santa Ana... Guidance last year called for $38-$42M in 2017 and they came close but missed the low end. What gives? Whats happening out there on the front lines?

Thanks in advance,

Puma