Terra Tech Corp. Executes Agreement to Acquire Unrivaled
Transaction Brings Vertical Integration, Geographic Expansion to 1 associated with greatest Cannabis Distribution Networks regarding 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., that has recently rebranded as Unrivaled (“Unrivaled”), susceptible to 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 made up of a few highly 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 services and products, 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, reported, “We are particularly very 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 plan 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 past couple of years Unrivaled has had together several of the most well-respected brands in cannabis with Korova, LTRMN, Sticks, Cabana as well as 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 global cannabis operator, and this merger will significantly accelerate that path. You want to offer 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 centered on the* that are( sector with operations in California and Nevada. In California, Terra Tech operates two dispensaries and a cultivation facility and has two cultivation that is additional and a dispensary under development. In Nevada, by means of a ventures that are joint Terra Tech operates a cultivation and manufacturing facility.
Unrivaled is a leading* that is( multi-state operator, additionally the moms and dad business of numerous dominant cannabis life style brands spanning customer services and products, circulation and shopping. Our brands lead inside their particular groups and areas by a focus on consumer experience, item innovation, and brand building that is organic. Unrivaled actively operates in California and Oregon and also licenses brands in Arizona, and Oklahoma, two markets that are early-stage. Unrivaled brands are being among the most identifiable into the industry you need to include Korova, Sticks, Cabana, Beaucoup as well as the place.
Original press release
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