Initial Statement of Beneficial Ownership (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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(Print or Type Responses)

1. Name and Address of Reporting Person * ROSENBERG DOUGLAS 2. Date of Event Requiring Statement (Month/Day/Year) 12/05/2025 3. Issuer Name and Ticker or Trading Symbol BLUM HOLDINGS, INC. [BLMH] (Last) (First) (Middle) 11516 DOWNEY AVE 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 Original Filed (Month/Day/Year) (Street) DOWNEY, CA 90241 6. Individual or Joint/Group Filing (Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) 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)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.			SEC 1473 (7-02)
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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 of Derivative Security: 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

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
ROSENBERG DOUGLAS 11516 DOWNEY AVE DOWNEY, CA 90241		X

Signatures

/s/ Douglas Rosenberg		12/19/2025
**Signature of Reporting Person		Date

Explanation of Responses:

*	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).
(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.

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