SANTA ANA, Calif., Aug. 11, 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 announced that the Company has successfully sold its 4th Street Property located in Las Vegas, Nevada.
The property was sold for $2.6M resulting in the Company netting approximately $825k after paying off the mortgage and closing and other accrued carrying costs. The property was acquired by prior management, but subsequently became subject to revised zoning rules, making it unusable for its intended use related to cannabis.
Unrivaled’s Chief Executive Officer Frank Knuettel II, stated, “We continue to execute on our stated plans of monetizing certain legacy assets in order to further strengthen our balance sheet through the reduction of debt, while increasing our cash position. These initiatives, when combined with a growing list of previous accomplishments, put Unrivaled in a strong operating position and support our strategic initiatives. We look forward to continuing to do what we promise on behalf of our shareholders.”
The Company continues to hold raw land in Reno purchased by our predecessors which is currently being marketed for sale. It anticipates netting approximately $300k from its sale.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any 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 securities laws of any such state or jurisdiction.
About Unrivaled Brands
Unrivaled Brands is a multi-state vertically integrated company focused on the cannabis sector with operations in California, Oregon and Nevada. In California, Unrivaled Brands operates three dispensaries, state-wide distribution network, company-owned brands and