LTRMN and Psychonaut Purchased Stakes

In Oregon, LTRMN and Psychonaut Purchased Stakes From Unrivaled Brands Carrillo

LTRMN and Psychonaut Purchased Stakes: Unrivaled Brands is a California-based company focused on the cannabis industry. Unrivaled Brands operates four dispensaries, direct-to-consumer delivery, a growing facility, and a number of well-known company-owned brands. Unrivaled Brands currently offers Korova products in California, Oregon, Arizona, and Oklahoma. Korova is well-known for its high-potency products in a variety of product categories.

  • Unrivaled Brands said on Wednesday that Sabas Carrillo, who has served as interim CEO since August, has been designated the company’s new CEO and a board member.
  • Additionally, the business finished spinning off its LTRMN and Psychonaut Oregon businesses.
  • Unrivaled has paid $25K to Buchanan Group and an unrelated third-party bidder for its investment in LTRMN, which operates a cannabis distribution and wholesale business in Oregon.
  • The down payment was made using a secured promissory note with an 8% yearly interest rate that was due and payable on the third anniversary of the date of issuance. The purchase price will immediately change to $0 and the note will be regarded as fully repaid upon the resolution of any pending lawsuit.
  • Additionally, Unrivaled paid Joseph Gerlach $1 for its 50% ownership in Psychonaut Oregon. The other 50% of Psychonaut is owned by Gerlach, who also serves as Unrivaled’s chief cultivation officer.
  • The remaining $500K in lease payments over a five-year period, together with all operating responsibilities and expenses, were acquired by Gerlach.
  • Jim Miller was also chosen as the COO of Unrivaled.
  • The business previously announced Q3 sales of $10.76M and EPS of -$0.21.

Cautionary Language Concerning Forward-Looking Statements

In accordance with Section 21E of the Securities and Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, or PSLRA, any statements in this communication that do not relate to historical facts constitute forward-looking statements. You are cautioned against placing undue reliance on them because they contain forward-looking statements about management’s objectives, plans, beliefs, expectations, and projections.

LTRMN and Psychonaut Purchased Stakes

There is no way to guarantee any forward-looking statements, and actual results may differ significantly from expectations. Except as required by law, the Company disclaims any obligation to update publicly any forward-looking statement, whether as a result of new information, future events, or otherwise.

These forward-looking statements are based on the Company’s estimates and are subject to risks and uncertainties; consequently, actual results may differ materially from those stated or implied in the statements for a variety of reasons. Occasionally, new factors emerge, making it impossible for the organisation to predict and analyse their effects on its operations.

Determine the extent to which a single factor or a combination of factors may cause actual results to differ materially from any forward-looking statements. The Company’s SEC filings will provide additional information about these and other risks associated with the merger.

In the “Risk Factors” section of the company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other periodic SEC filings, additional risks and uncertainties are listed and discussed. The information available to the company at the time this announcement was made served as the basis for the forward-looking statements contained in this release.

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