Company looks to reconstitute Board of Directors with focus on future opportunities

SANTA ANA, Calif., June 05, 2023 — Unrivaled Brands, Inc. (OTCQB: UNRV) (“Unrivaled,” “Unrivaled Brands,” or the “Company”), a cannabis company with operations throughout California, announced that two of its directors, Nicholas Kovacevich and Eric Baum, will resign from the Company’s board of directors, effective July 1, 2023. The departures represent an orderly and intentional transition of leadership and serve as a fundamental element of a broader corporate and leadership restructuring of the Company.

Mr. Kovacevich and Mr. Baum formally notified the Company of their resignations on May 18, 2023. The resignations were not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies, or practices.

Mr. Baum shared his thoughts on the transition, saying, “During a volatile period dominated by economic headwinds and a faltering cannabis industry, we made the strategic decision to partner with the Adnant team. Together, we outlined strategic milestones to stabilize the Company and prepare it for the future. I am pleased that we have successfully delivered on every contemplated milestone and more. As the Company now looks to focus on moving forward and potential new opportunities, it is a natural time for our tenure to come to completion and to execute on a planned transition to fresh leadership.”

To help ensure continuity and a smooth transition, the Company is in the process of selecting new board members for appointment by the effective date of the resignations. As previously announced on August 18, 2022, the Company initiated a search and selection process for new board members with the expertise and experience necessary to guide Unrivaled Brands into the future.

“We would like to extend our sincerest appreciation and gratitude to Mr. Kovacevich and Mr. Baum for their contributions, support, and commitment to the Company. Their guidance and leadership have been helpful in navigating the complexities of the cannabis industry and meeting the challenges of the time,” said Sabas Carrillo, Chief Executive Officer of Unrivaled Brands. “The resignations represent the last of the departures of former leadership of the Company and we are excited to look to the future, with new leadership at the Executive and Director levels,” he continued.

About Unrivaled Brands

Unrivaled Brands is a company focused on the cannabis sector with operations in California. Unrivaled Brands operates four dispensaries and direct-to-consumer delivery, a cultivation facility, and several leading company-owned brands. Unrivaled Brands is home to Korova, known for its high potency products across multiple product categories.

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