Unrivaled Retains Ownership of the Dispensary License
SANTA ANA, Calif., Dec. 13, 2021 (GLOBE NEWSWIRE) — Unrivaled Brands, Inc. (OTCQX: UNRV) (“Unrivaled” or the “Company”) announced today the execution of an agreement to sell the Company’s real property and building located on Dyer Road in Santa Ana, CA (the “Dyer Property”) for $13.4 million. The sale is expected to close in January 2022, and the Company will retire $9.0 million of outstanding debt on the property.
Notwithstanding the sale of the real estate at Dyer, the Company retains, through a wholly owned subsidiary that is not party to the sale, local approval to seek a license to open a cannabis dispensary at the Dyer building location. However, following the Company’s acquisition of the highly successful People’s dispensary, the Company is evaluating its options to develop the license, including consideration of the retail density in the area. The Company expects to make a final determination regarding the dispensary license in or about the first quarter 2022. If the city of Santa Ana grants approval to relocate licenses elsewhere in the city, the Company may consider using the dispensary license to open a dispensary in an underserved part of Santa Ana.
The sale has the