Unrivaled Brands Announces Successful Closing of Acquisition of People's First Choice – The Bakersfield Californian
SANTA ANA, Calif., Nov. 29, 2021 (GLOBE NEWSWIRE) — Unrivaled Brands, Inc. (OTCQX:UNRV) (“Unrivaled” or the “Company”) today announced that the Company has successfully completed its acquisition of People’s First Choice and entered into a definitive agreement to acquire People’s Riverside, People’s Los Angeles and People’s Costa Mesa (“People’s”). In connection with the acquisition agreement, the Company will take full control of the People’s Riverside, People’s Los Angeles and People’s Costa Mesa operations and will receive all economic benefits of each.
The acquisition of People’s dramatically expands the Company’s retail footprint, with the addition of one of the premier Southern California dispensaries, located in Santa Ana, as well as two additional prominent locations, Los Angeles and Riverside, opening next week and in Q1 2022, respectively. The Santa Ana dispensary generated almost $30 million in revenues during 2020, and revenue has continued to grow during 2021. The Los Angeles and Riverside locations are also in prominent locations, and both are expected to be strong performers.
Unrivaled’s CEO, Frank Knuettel II, stated, “With the close of the acquisition of People’s First Choice and the entry into a definitive acquisition agreement with additional People’s entities, we are pleased to take the next step in