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- Unrivaled Brands (OTCQB:UNRV) said Wednesday it named Sabas Carrillo, its interim chief since August, as the new CEO and member of its board.
- The company also completed the spinoff of its LTRMN and Psychonaut Oregon assets.
- Unrivaled (OTCQB:UNRV) sold its stake in LTRMN, which conducts cannabis distribution and wholesale activities in Oregon, to Buchanan Group and an unaffiliated third-party buyer, for $25K.
- The purchase price was paid in the form of a secured promissory note at a rate of 8% per annum due and payable on the third anniversary of the date of issue. Upon a settlement of ongoing litigation, the purchase price will automatically revise to $0 and the note will be deemed paid in-full.
- Unrivaled (OTCQB:UNRV) also sold its 50% stake in Psychonaut Oregon to Joseph Gerlach for $1. Gerlach owns the other 50% stake in Psychonaut and is Unrivaled's (OTCQB:UNRV) chief cultivation officer.
- Gerlach assumed a five-year lease liability of $500K in remaining lease payments and assumption of all operational liabilities and expenditures.
- Unrivaled (OTCQB:UNRV) also named Jim Miller as its COO.
- Earlier, the company reported Q3 EPS of -$0.21 and revenue of $10.76M.