Unrivaled Brands (OTCQX:UNRV) Inc announced that it has appointed Sabas Carrillo as the company’s new interim CEO effective August 12, 2022.
The multi-state vertically integrated cannabis firm said Carrillo is a seasoned CEO with an extensive financial and accounting background, and deep roots in the cannabis industry.
“Sabas brings his experience with M&A and knowledge in the capital markets to Unrivaled, where he is tasked with advancing the company’s transformation plan, focusing on execution, improving the balance sheet, and moving toward profitability in the current landscape,” Unrivaled Brands chairman Eric Baum said in a statement.
READ: Unrivaled Brands makes brisk progress on its 100-day turnaround plan and focuses on growth
“His intimate knowledge of the Unrivaled assets and his decade plus history in the extraordinarily competitive California cannabis market is why we believe Sabas will be successful and we fully support him in his efforts,” Baum added.
Unrivaled Brands noted the appointment of Carrillo comes on the heels of the company’s previously-announced, 100-day turnaround plan and strategic restructuring.
It added that Carrillo helped guide MedMen Enterprises, Inc, the first publicly traded multi-state operator, from late 2017 to 2019 to acquire 53 companies and effectively supported them through the rollup, audits and integration efforts.
Unrivaled Brands operates four dispensaries in California, as well as direct-to-consumer delivery, a state-wide distribution network, company-owned brands, and two cultivation facilities. In Oregon, it operates a state-wide distribution network, company-owned brands and outdoor and greenhouse cultivation.
Contact Sean at sean@proactiveinvestors.com