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.”
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