Blum Holdings Inc (BLMH)

[BidnessMan]

Our gross profit for the six months ended June 30, 2019 was $8.92 million, compared to a gross profit of $6.80 million for the six months ended June 30, 2018, an increase of $2.12 million or 31.2% percent. Our gross margin percentage for the six months ended June 30, 2019 was 50.3 percent, compared to 39.2 percent for the six months ended June 30, 2018. The increase in gross margin percentage was attributable to the cannabis segment, which had $4.94 million and $3.11 million gross profit, or 53.2 percent and 44.0 percent gross margin, for the six months ended June 30, 2019 and 2018. The cannabis segment gross margin improvements were due to an increase of private label sales, lower cost of goods from vendor negotiations and price optimization on our top selling items.