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Unrivaled Brands, Inc. (OTCQX:UNRV) announced the successful sale of its 4th Street Property in Las Vegas for $2.6 million, netting approximately $825,000 after settling debts. The sale was prompted by revised zoning rules that rendered the property unusable for cannabis-related purposes. CEO Frank Knuettel II emphasized that this move aligns with their strategy to strengthen the balance sheet and improve cash flow. The company also holds raw land in Reno, expected to yield an additional net of $300,000 upon sale.
Unrivaled Brands, a multi-state cannabis company, will report its financial results for Q2 2021 on August 16, 2021. The conference call, scheduled for 4:30 p.m. ET, will provide insights into the Company's performance and business highlights. Unrivaled operates in California, Oregon, and Nevada, managing dispensaries, a distribution network, and cultivation facilities. Notably, the Company is home to the market-leading brand Korova. Investors can listen to the call via phone or through a live webcast on the Company's investor relations website.
Unrivaled Brands, Inc. (OTCQX:UNRV) has announced the closing of its merger with UMBRLA, Inc., resulting in the appointment of new board members Eric Baum and Dallas Imbimbo. Baume is a seasoned advisor with over twenty years of experience across multiple sectors, while Imbimbo has a strong background in scaling businesses, including a key role at KushCo Holdings. Recent achievements include restructuring initiatives, a $40 million investment yield from Hydrofarm, and plans to acquire SilverStreak Solutions. The CEO expressed optimism about the new board members' contributions to the company's growth.
Terra Tech Corp. has successfully merged with UMBRA, Inc., now rebranded as Unrivaled Brands, Inc., effective July 8, 2021. The merger consolidates operations across California, Oregon, and Nevada, aiming for a combined revenue exceeding $70 million for the year. CEO Frank Knuettel II anticipates cash flow positivity by Q4 2021, aided by restructuring and a robust balance sheet with approximately $40 million in cash post monetization of Hydrofarm investment. The shift to trading under the new ticker symbol UNRV marks a new chapter for the company.