LTRMN And Psychonaut Bought Stakes: A cannabis industry-focused business with operations in California called Unrivaled Brands. Four dispensaries, direct-to-consumer delivery, a growing facility, and a number of well-known company-owned brands are all operated by Unrivaled Brands. Korova, a company noted for its high-potency goods in a variety of product categories is produced by Unrivaled Brands and is presently offered in California, Oregon, Arizona, and Oklahoma.
— 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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