LOS ANGELES —
Adnant (the “Company” or “Adnant”), a cannabis consulting and accounting firm, is proud to announce its successful restructuring efforts with Unrivaled Brands, Inc. (“Unrivaled”) are nearing completion. Adnant’s contributions have helped Unrivaled recognize its second consecutive quarter of net income and reduction of Unrivaled’s total liabilities from $125.3 million as of December 31, 2021 to $73.2 million as of March 31, 2023.
“We are excited to have made significant progress in our restructuring of Unrivaled Brands, and we are now looking for a new company or project to help guide and transform,” said Michael Nava, Adnant’s Chief of Staff.
Prior to Adnant being installed as Unrivaled’s third executive management team of 2022, Unrivaled had a net loss of $63.7 million for the three months ending June 30, 2022, which includes the Company’s operations in the state of Oregon.
Adnant’s current goal is to help troubled companies avoid negative outcomes like receivership or litigation, which can be a costly and time-consuming path toward enterprise dissolution. By applying proven strategies common in more traditional industries to the nascent cannabis sector, Adnant hopes to show an alternative path forward for underwater cannabis companies.
“We are removing shame from the restructuring process,” said Adnant Senior Manager Long Luu. “We are currently in the middle of a common business cycle that occurs in many industries. We’re seeing it in the tech industry right now, too. If you go into receivership, you could be litigating for years or you can get around the table and do the hard work of negotiating.”
If cannabis debtors and creditors work together as Adnant has with Unrivaled’s creditors, they have a much stronger chance of navigating complex debt restructurings. They also have a better chance of being heard by lawmakers about financial and other reforms needed to guarantee the long-term success of the cannabis industry.
About Adnant: Adnant is a premium accounting and consulting firm widely recognized for its services to the cannabis industry and expertise in M&A, taking companies public and restructuring. Since 2009, Adnant has been a key operating partner and has played a key role in developing California’s cannabis industry working with some of the most prominent companies in the industry including WeedMaps, Unrivaled Brands (fka Terra Tech), Cookies, Green Thumb Industries, Verano Holdings, Glasshouse Group, Shryne Group, Loudpack, and MedMen.
About Unrivaled: Unrivaled Brands is a company focused on the cannabis sector with operations in California. Unrivaled operates four dispensaries and direct-to-consumer delivery, a cultivation facility, and is home to Korova, known for its high potency products across multiple product categories.
