SANTA ANA, Calif., Jan. 05, 2023 (GLOBE NEWSWIRE) -- Unrivaled Brands, Inc. (OTCQB: UNRV) (“Unrivaled,” “Unrivaled Brands,” or the “Company”), a cannabis company with operations in California, enters into binding Letters of Intent with two Cookies branded retail stores: Cookies Redding in Redding, CA and Cookies Oakland in Oakland, CA.
On December 30, 2022, the Company entered into binding Letters of Intent with each of Green Door Redding, LLC (“Cookies Redding”) and 510 Retail & Events, Inc. (“Cookies Oakland”) pursuant to which Unrivaled is purchasing an Option to Purchase each of the dispensaries and will also negotiate and enter into a Management Services Agreements to operate the respective dispensaries.
Options to Purchase
Both the Letter of Intent with Cookies Redding (the “Cookies Redding LOI”) and the Letter of Intent with Cookies Oakland (the “Cookies Oakland LOI”) provide Unrivaled, for a period of 12 months, with an option to purchase each of Cookies Redding and Cookies Oakland on terms mutually agreeable to the parties. The Company is paying an equivalent of $1,000,000 (the “Cookies Redding Option to Purchase Deposit”) and an equivalent of $500,000 (the “Cookies Oakland Option to Purchase Deposit”) in shares of the Company’s common stock (“Common Stock”) at the closing share price on December 30, 2022. Each of the Cookies Redding Option to Purchase Deposit and the Cookies Oakland Option to Purchase Deposit will be applied to the purchase price of each dispensary at the time of purchase if such purchase occurs.
