SANTA ANA, Calif., Aug. 11, 2021 (GLOBE NEWSWIRE) — Unrivaled Brands, Inc., (OTCQX:UNRV) (“Unrivaled” or the “Company”), a multi-state vertically integrated company focused on the cannabis sector with operations in California, Oregon and Nevada, today announced that the Company has successfully sold its 4th Street Property located in Las Vegas, Nevada.
The property was sold for $2.6M resulting in the Company netting approximately $825k after paying off the mortgage and closing and other accrued carrying costs. The property was acquired by prior management, but subsequently became subject to revised zoning rules, making it unusable for its intended use related to cannabis.
Unrivaled’s Chief Executive Officer Frank Knuettel II, stated, “We continue to execute on our stated plans of monetizing certain legacy assets in order to further strengthen our balance sheet through the reduction of debt, while increasing our cash position. These initiatives, when combined with a growing list of previous accomplishments, put Unrivaled in a strong operating position and support our strategic initiatives. We look forward to continuing to do what we promise on behalf of our shareholders.”
The Company continues to hold raw land in Reno purchased by our predecessors which is currently being marketed for sale. It anticipates netting approximately $300k from its sale.
Securities Disclosure
This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of the Company’s securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Unrivaled Brands
Unrivaled Brands is a multi-state vertically integrated company focused on the cannabis sector with operations in California, Oregon and Nevada. In California, Unrivaled Brands operates three dispensaries, state-wide distribution network, company-owned brands and a cultivation facility and has two additional cultivation facilities and a dispensary under development. In Oregon, we operate a state-wide distribution network and company-owned brands. In Nevada, by way of a joint venture, Unrivaled Brands operates a cultivation and manufacturing facility. Unrivaled Brands is home to Korova, the market leader in high potency products across multiple product categories, currently available in California, Oregon, Arizona and Oklahoma, as well as Sticks and Cabana. For more info, please visit: https://unrivaledbrands.com.
Cautionary Language Concerning Forward-Looking Statements
Certain statements contained in this communication regarding matters that are not historical facts, are forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, known as the PSLRA. These include statements regarding management’s intentions, plans, beliefs, expectations, or forecasts for the future, and, therefore, you are cautioned not to place undue reliance on them. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by law. We use words such as “anticipates,” “believes,” “plans,” “expects,” “projects,” “future,” “intends,” “may,” “will,” “should,” “could,” “estimates,” “predicts,” “potential,” “continue,” “guidance,” and similar expressions to identify these forward-looking statements that are intended to be covered by the safe-harbor provisions of the PSLRA. Such forward-looking statements are based on our expectations and involve risks and uncertainties; consequently, actual results may differ materially from those expressed or implied in the statements due to a number of factors.
New factors emerge from time to time and it is not possible for us to predict all such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. These risks, as well as other risks associated with the combination, will be more fully discussed in our reports with the SEC. Additional risks and uncertainties are identified and discussed in the “Risk Factors” section of the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed from time to time with the SEC. Forward-looking statements included in this release are based on information available to Company as of the date of this release. The Company undertakes no obligation to update such forward-looking statements to reflect events or circumstances after the date of this release.
Contact
Jason Assad
LR Advisors LLC.
Jassad@unrivaledbrands.com
678-570-6791
For media inquiries:
Nic Johnson
Russo Partners
Nic.johnson@russopartnersllc.com
303-482-6405
