Unrivaled Brands Issues Corporate Update - Seite 2

Reduction in Management and Workforce. As of Aug 1, 2022, Unrivaled headcount is 188 versus 338 at the end of Q1 2022. Much of this reduction came from site closures and reduction of corporate headcount. Overall, payroll has been reduced by roughly 40%, with a focus on bringing payroll spend within a healthy range in line with the go-forward size of the Company.

“We want to assure the community that we are committed to continued progress while being realistic about the headwinds we face in the cannabis industry and capital markets. We also realize efforts such as these take time and believe that we have only just begun to establish a new baseline to grow from. Moving forward, we are focused on stabilizing and growing operations, improving the balance sheet and debt restructuring. We are also actively reviewing options for additional sources of capital and potential mutually beneficial partnerships in order to navigate through the current landscape. Simultaneously, we are considering experienced candidates for CEO and expect to share more detailed updates in the coming weeks and months. In closing, I want to express gratitude for the team in place for their commitment to the restructuring effort and their tireless work during this time.” concluded Baum.

About Unrivaled Brands
Unrivaled Brands is a multi-state vertically integrated company focused on the cannabis sector with operations in California and Oregon. In California, Unrivaled Brands operates three dispensaries with direct-to-consumer delivery, two cultivation facilities, and several leading company-owned brands. In Oregon, we operate a state-wide distribution network, company-owned brands and outdoor and greenhouse cultivation. Unrivaled Brands is home to Korova, the market leader in high potency products across multiple product categories, currently available in California, Oregon, Arizona, and Oklahoma, as well as Sticks and Cabana.

For more info, please visit: https://unrivaledbrands.com.

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Certain statements contained in this communication regarding matters that are not historical facts, are forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, known as the PSLRA. These include statements regarding management's intentions, plans, beliefs, expectations, or forecasts for the future, and, therefore, you are cautioned not to place undue reliance on them. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by law. We use words such as "anticipates," "believes," "plans," "expects," "projects," "future," "intends," "may," "will," "should," "could," "estimates," "predicts," "potential," "continue," "guidance," and similar expressions to identify these forward-looking statements that are intended to be covered by the safe-harbor provisions of the PSLRA. Such forward-looking statements are based on our expectations and involve risks and uncertainties; consequently, actual results may differ materially from those expressed or implied in the statements due to a number of factors.