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

By Gilbert E. On Jan 5, 2023

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 names Carrillo as CEO, sells stake in LTRMN and Psychonaut Oregon https://t.co/420HKgU0zU via SeekingAlpha #news #SeekingAlpha

— BlackCentaur (@JacekWierzbicki) January 4, 2023

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.

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