SANTA ANA, Calif., March 28, 2023 — Unrivaled Brands, Inc. (OTCQB: UNRV) (“Unrivaled,” “Unrivaled Brands,” or the “Company”), a cannabis company with operations throughout California, is pleased to announce it has entered into a binding settlement term sheet to settle an aggregate of $3,250,000 of indebtedness to certain noteholders of the Company.
In June 2021, the Company issued four promissory notes in the amount of $4,500,000. The Company and the Noteholders have now agreed to reduce the total amount of principal and interest owed to $1,250,000, payable over 60 months and bearing interest at a rate of 10.0% per annum.
Sabas Carrillo, Unrivaled’s Chief Executive Officer commented, “We want to sincerely thank our partners and creditors for continuing to work with us in restructuring our debt.”
Additional details on the agreement may be found in a Form 8-K filed today with the Securities and Exchange Commission and available on the Company’s website.
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, currently available in California, Oregon, Arizona, and Oklahoma.
For more info, please visit: https://unrivaledbrands.com.