Terra Tech Corp. (OTCQX:TRTC) has changed its name to Unrivaled Brands, Inc. following its completed merger with UMBRLA, Inc. As part of its rebranding, Terra Tech will start trading under its new ticker symbol, “UNRV”, on the OTCQX market at the market opening on Thursday, July 8, 2021.
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.”
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 portfolio includes well-respected brands in cannabis, including Korova, Sticks, Cabana, Blüm and The Spot.
Knuettel added, “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 cashflow 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.”
In California, Unrivaled Brands operates three dispensaries, a state-wide distribution network, company-owned brands, and a cultivation facility and has two additional cultivation facilities and a dispensary under development. In Oregon, it operates a state-wide distribution network and company-owned brands. In Nevada, by way of a joint venture, Unrivaled Brands operates a cultivation and manufacturing facility. 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.