Unrivaled Brands, Inc. Announces Successful Sale of Interest in Joint Venture with NuLeaf – Yahoo Finance

SANTA ANA, Calif., Nov. 22, 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 and Oregon, today announced the sale of its 50 percent interest in its Nevada NuLeaf Sparks Cultivation LLC and NuLeaf Reno Production LLC (collectively “NuLeaf”) joint venture.

The Company will receive $6.5 million in cash upon close of the transaction, which is dependent on regulatory approval and other customary closing conditions. The revenue change as a result of the sale was anticipated and factored into the Company’s $130 million guidance for next year. Further, the Company did not receive any cash flows from the joint venture, so it is expected that the sale will have no negative impact on Unrivaled Brands and allow the Company to reallocate the proceeds from the sale to its stated goals to focus on the California and Oregon markets.

Frank Knuettel, Chief Executive Officer of Unrivaled Brands stated, “We were presented with the opportunity to acquire the remaining stake in the joint venture. In alignment with the strategic initiatives that we outlined earlier this year and reiterated as recently as last week during our third quarter earnings call, we determined that it would be beneficial to allocate more capital to our expansion in California and Oregon as opposed to having one operating asset in Nevada. This is an important step forward as we increase operational efficiencies and focus our attention on working to position the company as the pre-eminent west coast cannabis operator.”

About Unrivaled Brands

Unrivaled Brands is a multi-state vertically integrated company focused on the cannabis sector with operations in California and Oregon. In California, Unrivaled Brands operates four dispensaries, a state-wide distribution network, and two cultivation facilities, and has one additional cultivation facilities and five

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