Blum Holdings, Inc. - UNRV STOCK NEWS

Unrivaled Brands, Inc. (OTCQX: UNRV) appointed Robert Baca as Interim Chief Legal Officer effective August 22, 2022. This appointment follows Sabas Carrillo's naming as Interim Chief Executive Officer on August 12, 2022, marking a critical phase in the company's business transformation. Mr. Baca brings over a decade of corporate legal experience, particularly in the cannabis sector, and has previously worked with notable firms like Kirkland & Ellis and Goldman Sachs. These leadership changes aim to enhance strategic execution and innovation within Unrivaled.

Unrivaled Brands, Inc. (UNRV) reported a significant financial update for Q2 2022, with total revenue surging 511% to $17.56 million, driven by retail sales of $10.95 million and cultivation/distribution revenue of $6.61 million. Gross profit increased by 204% to $8.27 million compared to Q2 2021. However, selling, general, and administrative expenses escalated by 306% to $19.07 million, leading to an operating loss of $67.07 million, up 3,298% year-over-year, largely due to impairment charges of $55.73 million. The merger and acquisitions contributed to operational costs and workforce expansion.

Unrivaled Brands, Inc. (OTCQX: UNRV) announced a search for new Board of Directors members as part of its governance improvement efforts. A Search Committee, led by the Governance and Nominating Committee, will consist of at least 9 members, including executive officers and select shareholders. This initiative aims to enhance operational effectiveness within the cannabis sector across California and Oregon, where Unrivaled operates several dispensaries and cultivation facilities. Interim CEO Sabas Carrillo emphasized the importance of team member involvement in the selection process.

Unrivaled Brands, Inc. (OTCQX: UNRV) appointed Sabas Carrillo as Interim CEO as of August 12, 2022, following its 100-day turnaround plan. Carrillo, with extensive experience in finance and the cannabis industry, aims to advance the company’s transformation and drive profitability. His past involvement includes guiding major cannabis companies through restructuring and successful exits. Unrivaled operates in California and Oregon, with a focus on enhancing revenue and scaling operations to benefit stakeholders.

Unrivaled Brands, Inc. (OTCQX: UNRV) appointed Sabas Carrillo as Interim CEO effective August 12, 2022. This follows the company's announced 100-day turnaround plan aimed at transforming operations and improving revenue. Sabas brings over a decade of experience in the cannabis sector, focusing on financials and restructuring. His previous successes include guiding cannabis companies through mergers, acquisitions, and public offerings. Unrivaled operates in California and Oregon, with a portfolio featuring market leader Korova.

Unrivaled Brands, Inc. (OTCQX: UNRV) announces progress on its 100-day turnaround plan, aimed at enhancing operational efficiency and achieving profitability amidst industry challenges.

The company has closed underperforming retail locations and outsourced distribution, leading to a significant reduction of approximately $5 million annually in SG&A costs. Workforce reductions of about 40% have been implemented, aiming to optimize the balance sheet and explore new capital sources.

Unrivaled Brands (OTCQX: UNRV) reported impressive first-quarter 2022 results, revealing a 907.5% increase in total revenue, reaching $20.73 million compared to $2.06 million in Q1 2021. The gross profit surged 3,268.1% to $6.43 million, up from $0.19 million a year prior. While the company aims to enhance its profitability through a 100-day transformation plan and debt restructuring, selling, general, and administrative expenses also rose by 48.4% to $18.77 million.

Unrivaled Brands, Inc. (OTCQX: UNRV) reported a remarkable 674% revenue growth year-over-year, driven by key acquisitions and a strategic rebranding. However, challenges in California's cannabis market, including high taxes and increased competition, have pressured margins. To navigate these hurdles, CEO Tiffany Davis announced a 100-day transformation plan focusing on operational efficiency, management restructuring, and debt reduction. The company aims to pursue non-dilutive capital sources while optimizing its business units, ensuring a sustainable path to profitability.

Unrivaled Brands (OTCQX: UNRV) reported a remarkable 674% year-over-year revenue growth for the fiscal year ended December 31, 2021, reaching $47.7 million. The company also increased its gross profit to $11.97 million, though gross margins decreased from 42.9% to 25.1% due to lower margin operations. Selling, general, and administrative expenses surged to $48.26 million, primarily due to acquisitions and the departure of founders. A sale of NuLeaf resulted in $6.5 million for the company, which anticipates further strategy refinements and leadership additions.