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Blum Holdings, Inc. (UNRV) operates as a diversified investment leader with strategic interests across multiple industries. This news hub provides investors and stakeholders with timely updates on corporate developments, financial milestones, and market strategies.
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Unrivaled Brands announced a strategic restructuring under new management in a presentation titled “Unrivaled: About Us”, shared on April 26, 2023. The company, which operates cannabis dispensaries and the Korova brand in California, outlines its commitment to a culture-driven operational framework led by experienced leadership. CEO Sabas Carrillo emphasized the importance of transparency in their initiatives, detailing the company's new values, assets, and vision for growth. The restructuring aims to optimize core business assets while enhancing the company's market position across multiple states, including California, Oregon, Arizona, and Oklahoma.
Unrivaled Brands Reports Preliminary Q1 2023 Revenue of $8.7 Million
Unrivaled Brands, a California-based cannabis company, announced preliminary financial results for Q1 2023, reporting $8.7 million in revenue, consistent with Q4 2022. The gross margin improved to 48%, up from 44% in the previous quarter and 31% a year earlier. Key developments included the grand re-opening of the Blüm San Leandro store and a binding term sheet to resolve litigation with People’s California, LLC. The company also settled approximately $3.3 million in debt. However, there remains substantial debt and ongoing litigation risks. The figures are preliminary and unaudited, pending final adjustments.
Unrivaled Brands, Inc. (OTCQB: UNRV) reported a significant turnaround in its financial performance for Q4 2022, with income from operations reaching $8.8 million, a remarkable improvement from the $13.3 million loss in the same quarter last year. The company achieved a net income of $3.9 million, compared to a net loss of $16.2 million in Q4 2021. EBITDA also improved to $9.7 million from a loss of $10.4 million year-over-year. Additionally, Unrivaled reduced total liabilities by 39%, totaling $77.0 million, down from $125.3 million. Fiscal year 2022 revenue increased 23% to $52.0 million, primarily due to a 63% boost in retail sales. Despite a substantial impairment loss of $163.7 million, the company has expressed optimism about its future prospects.
Unrivaled Brands Reports Positive Q4 2022 Financial Results
Unrivaled Brands (OTCQB: UNRV) announced a preliminary operating profit of $8.8 million for Q4 2022, a turnaround from the $13.3 million loss in Q4 2021, reflecting a $22.1 million improvement. The company reduced total liabilities by 40%, down to $75.2 million from $125.4 million. Key developments included two binding Letters of Intent for Cookies-branded dispensaries in California and a $2 million capital raise from Series V Preferred Share offering. Despite these gains, management cautioned about ongoing risks including litigation and market conditions.
