SANTA ANA, California, July 8, 2021 - PRESS RELEASE - Terra Tech Corp. announced that it has completed its merger with UMBRLA, Inc., doing business as Unrivaled.
The merger with Unrivaled brings together two California-based companies with combined operations in California, Oregon and Nevada. Collectively, the company operates a broad array of cannabis assets involving cultivation, distribution, brands, processing and dispensaries. The combined company's portfolio includes well-respected brands in cannabis, including Korova, Sticks, Cabana, Blüm and The Spot.
In connection with the merger with Unrivaled, the company changed its name to Unrivaled Brands, Inc. As part of the company's rebranding, it will start trading under its new ticker symbol, "UNRV," on the OTCQX market at the market opening July 8.
The company's CEO, Frank Knuettel II, said "We are pleased to have successfully closed the merger with Unrivaled as we expected. We believe the synergies with Unrivaled's existing brand portfolio and distribution operations in multiple states will lead to greater scale and produce meaningful economic and operational benefits. We look forward to integrating our businesses and expanding the company's platform."
Knuettel continued, "Additionally, as part of the merger, we are excited to launch our new corporate identity, rebranding the Company to Unrivaled Brands, Inc., which we believe aligns with our goal of becoming the premier cannabis multi-state operator in the West. Based on our growth trajectories and new operations coming online during 2021, we believe that on a combined basis, the company will generate revenues in excess of $70 million in 2021 and be cash flow positive in Q4 of 2021. Putting approximately $40 million in cash on our balance sheet following the monetization of our Hydrofarm investment, the close of this important transaction and the ongoing restructuring of our balance sheet and operations, we believe we've never been in a stronger position to create sustainable shareholder value."
