Terra Tech Corp. Executes Agreement to Acquire Unrivaled
Transaction Brings Vertical Integration, Geographic Expansion to at least one associated with greatest Cannabis Distribution Networks in the western Coast
IRVINE, Calif., March 03, 2021 (GLOBE NEWSWIRE) — Terra Tech Corp. (OTCQX:TRTC) (“Terra Tech” or the “Company”) today announced that the organization has performed an understanding to obtain UMBRLA, Inc., which includes recently rebranded as Unrivaled (“Unrivaled”), at the mercy of particular closing conditions because set forth into the Company’s active Report on Form 8-K filed this early morning, in an all-stock transaction.
Unrivaled is a swiftly growing and well-run diversified cannabis business composed of a few very recognized cannabis brands complemented by distribution, manufacturing and dispensary operations. Unrivaled brands consist of Korova, a high ten cannabis brand name in Ca, among a portfolio that is strong categories and price points. Unrivaled operates manufacturing and distribution operations in both California and Oregon and dispensaries in California.
Unrivaled Owns and manages one of the distribution networks that are largest on the west coast with more than 700 in-network dispensaries throughout Oregon and Ca, into which Unrivaled offers both unique brands and third-party brands across all major groups: flower items, vape cartridges, extracts, and edibles.
Through certification agreements, choose brands that are unrivaled also sold in over 200 dispensaries throughout Arizona and Oklahoma. Following the merger, Terra Tech expects to continue its licensing expansion of the Korova brand and integrate the portfolio that is unrivaled its current operations in Ca and Nevada.
Terra Tech’s CEO, Frank Knuettel II, claimed, “We are particularly happy to have entered into this transaction that is mutually beneficial leads to immediate scale, driven by strong brands and revenue growth. Unrivaled has grown markedly since inception, led by a management that is strong, including Dallas Imbimbo, co-founder of KushCo Holdings, Inc. (OTCQX: KSHB) and Unrivaled. We want to incorporate Unrivaled’s administration group into Terra Tech, whoever leadership that is robust capable of executing on high revenue growth and additional accretive acquisitions.”
Knuettel continued, “Following the restructuring of our balance sheet and bringing in new capital in January, this is the first of our anticipated acquisitions that are strategic on the inspiration created by my predecessors. Our goal that is short-term is become the premier West Coast and Southwest operator of cannabis assets with a focus on brands and dispensaries. Based on our growth trajectories and operations that are new online during 2021, we think that the combined organizations will create profits more than $70 million in 2021.”
Over the final couple of years Unrivaled has had together several of the most well-respected brands in cannabis with Korova, LTRMN, Sticks, Cabana therefore the place. Terra Tech’s shopping and cultivation assets perfectly complement Unrivaled’s brand that is modern, sophisticated R&D and state-of-the-art tech stack.
Unrivaled CEO Dallas Imbimbo
Our mission continues to become the leading-edge cannabis that are global, and also this merger will speed up that path somewhat. You want to provide a thank that is huge to the Unrivaled team for their dedication and relentless pursuit of our goals.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of the Company’s securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state that is such jurisdiction.
About Terra Tech
Terra Tech is a vertically incorporated business dedicated to the cannabis sector with operations in Ca and Nevada. In Ca, Terra Tech runs two dispensaries and a cultivation center and has now two cultivation that is additional and a dispensary under development. In Nevada, by way of a ventures that are joint Terra Tech runs a cultivation and manufacturing unit.
Unrivaled is a number one cannabis operator that is multi-state and the parent company of multiple dominant cannabis lifestyle brands spanning consumer products, distribution and retail. Our brands lead in their respective categories and markets by a focus on customer experience, product innovation, and brand building that is organic. Unrivaled earnestly operates in California and Oregon and in addition licenses brands in Arizona, and Oklahoma, two markets that are early-stage. Unrivaled brands are among the most recognizable in the industry and include Korova, Sticks, Cabana, Beaucoup and The Spot.
Original press release
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