SANTA ANA, Calif., Aug. 15, 2022 (GLOBE NEWSWIRE) — Unrivaled Brands, Inc. (OTCQX:UNRV) (“Unrivaled” or the “Company”), a vertically integrated, multi-state cannabis company with operations in California and Oregon , has appointed Sabas Carrillo as interim CEO effective Friday, August 12, 2022.
Sabas’ appointment follows the 100-day turnaround plan and strategic restructuring previously announced by Unrivaled. “We are motivated to build on the restructuring plan implemented by the Unrivaled team and are well positioned to focus on executing the company’s ongoing business transformation, revenue generation and scale-up. scale for the benefit of society and its investors.
Sabas is a seasoned CEO with extensive financial and accounting experience and deep roots in the cannabis industry. With his unparalleled track record, Sabas has helped lead public and private cannabis companies through restructuring, growth, mergers and acquisitions, and successful exits since 2009. He is the founder and CEO of Adnant, LLC, a Accounting and Consulting that has been advising cannabis companies on technical and operational accounting, strategic operations and the public offering process since 2011.
Sabas was part of the IPO team for Weedmaps and General Cannabis, Inc., a publicly traded company from late 2009 to 2012. An SEC financial reporting expert with comprehensive financial markets experience, Sabas has led the team that took Blüm Oakland through a public offering. on behalf of Terra Tech Corp. in 2014 (now Unrivaled) – the first plant touching a vertically integrated company to enter the public markets. His appointment as interim CEO of Unrivaled completes Sabas’ involvement with the company. Sabas helped guide MedMen Enterprises, Inc., the first publicly traded multi-state operator, from late 2017 to 2019 to acquire 53 companies and effectively supported them through deployment, audits, and integration efforts.
Sabas has served as interim CFO for Cookies Creative Consulting & Promotions Inc. since April 2018. He is co-founder and general partner of two cannabis-focused funds: Mesh Ventures and 1212 Ventures. He is also Chairman of the Board of Operators Only Corporation, a California-based cannabis retail company focused on combining California’s most iconic brands and proven industry pioneers. Operators Only has entered into a definitive agreement to perform the deployment of Cookies Maywood, Cookies Oakland, Cookies Sacramento, Cookies Redding, Lemonnade Sacramento and Lemonnade South Sacramento.
“Sabas has spent more than a decade helping the veteran cannabis community, earning him industry-leading access,” said Berner, Founder and CEO of Cookies.
Among his recent advisory roles, Sabas clients have included: GlassHouse Group, Loudpack, GTI, NorCal Cannabis Company, Beboe, Acreage Holdings, Verano Holdings, Shryne Group and Highland Events, co-producer of Grass Lands (first licensed cannabis franchises at a major music festival, Outside Lands Music Festival).
“Sabas brings his M&A experience and capital markets knowledge to Unrivaled, where he is responsible for advancing the company’s transformation plan, focusing on execution, balance sheet enhancement and progression to profitability in the current landscape His intimate knowledge of Unrivaled’s strengths and his more than decade-long history in the extraordinarily competitive Californian cannabis market is why we believe Sabas will succeed and we fully support him in its efforts,” said Eric Baum, Chairman of the Board of Unrivaled.
About Unrivaled Brands
Unrivaled Brands is a vertically integrated, multi-state cannabis-focused company with operations in California and Oregon. In California, Unrivaled Brands operates three dispensaries with direct-to-consumer delivery, two grow facilities, and several major company-owned brands. In Oregon, we operate a statewide distribution network, company-owned brands, and outdoor and greenhouse cultivation. Unrivaled Brands is home to Korova, the market leader in high potency products across multiple product categories, currently available in California, Oregon, Arizona, and Oklahoma, as well as Sticks and Cabana.
For more information, please visit: https://unrivaledbrands.com.
Caution Regarding Forward-Looking Statements
Certain statements contained in this communication relating to matters that are not historical facts, are forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, known as PSLRA. These include statements regarding management’s intentions, plans, beliefs, expectations or forecasts for the future, and, accordingly, you are cautioned not to place undue reliance on them. No forward-looking statement can be guaranteed and actual results may differ materially from those projected. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. We use words such as “expects”, “believes”, “plans”, “expects”, “projects”, “future”, “intends”, “may”, “will”, ” should”, “could”, “estimates”, “predicts”, “potential”, “continuing”, “guidance” and similar expressions to identify such forward-looking statements which are intended to be covered by the safe harbor provisions of the PSLRA. Such forward-looking statements are based on our expectations and involve risks and uncertainties; therefore, actual results may differ materially from those expressed or implied by the statements due to a number of factors.
New factors appear from time to time and it is not possible for us to predict all of these factors, nor to assess the impact of each of these factors on the business or the extent to which any one factor, or combination of factors , may cause actual results to differ materially from those contained in the forward-looking statements. These risks, as well as other risks associated with the combination, will be discussed in more detail in our dealings with the SEC. Additional risks and uncertainties are identified and discussed in the “Risk Factors” section of the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed from time to time with the DRY. The forward-looking statements included in this release are based on information available to the Company as of the date of this release. The Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date of this release.
LR Advisors LLC.