Unrivaled Brands Announces Management Agreement Pursuant to Acquisition of People’s First Choice
Unrivaled Brands has announced the effective management of the People’s First Choice dispensary in Santa Ana, California, starting September 1, 2021. The management agreement allows Unrivaled to oversee all operational aspects until the expected acquisition close in Q4 2021. This agreement is projected to enhance revenue and cash flow, with an immediate revenue lift anticipated from the Santa Ana location. Unrivaled also plans to open additional dispensaries in Los Angeles by December 2021 and Riverside in early 2022.
- Operational control of People's First Choice dispensary expected to drive immediate revenue and cash flow.
- Plans to open new dispensaries in Los Angeles and Riverside potentially enhance market presence and revenue growth.
- None.
Management Agreement is Now Effective, Granting Operational Control to Unrivaled Brands
SANTA ANA, Calif., Sept. 02, 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 reported that its management of the People’s First Choice dispensary in Santa Ana, CA, as well as development of anticipated People’s dispensary sites in Los Angeles and Riverside, took effect on September 1, 2021.
The Management Agreement grants Unrivaled operational management and control of the dispensary, including all economic aspects and benefits, leading up to the close of the acquisition of People’s First Choice, which is expected in the fourth quarter of 2021. With the Management Agreement, Unrivaled will recognize revenue, receive cash flows and place its existing brands on the People’s First Choice shelves, further expecting to drive revenue and margin improvement.
Frank Knuettel, Chief Executive Officer of Unrivaled Brands stated, “We have worked diligently over the last few weeks since the announcement of the acquisition of People’s. Our team was well prepared for this handover, and we believe that this will provide meaningful forward progress, revenue increases and margin expansion. The onboarding of the Santa Ana, CA dispensary is expected to provide immediate revenue lift and cash flow, and after further review of the construction process, we anticipate the Los Angeles dispensary to open by December 2021 and the Riverside dispensary to open during the first quarter 2022.”
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 offer, solicitation or 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, a 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. Unrivaled 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 additional risks and uncertainties we face, are identified and more fully discussed in the "Risk Factors" section of Unrivaled’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 Unrivaled as of the date of this release. Unrivaled 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@terratchcorp.com
678-570-6791
For media inquiries:
Nic Johnson
Russo Partners
nic.johnson@russopartnersllc.com
303-482-6405
FAQ
What is the significance of the management agreement for UNRV?
When does Unrivaled Brands expect to close the acquisition of People's First Choice?
What are the upcoming dispensary openings by UNRV?
