California-based Terra Tech Corp. said Wednesday it finalized a deal to acquire another West Coast marijuana multistate operator, Umbrla, which does business as Unrivaled and includes multiple MJ brands in its portfolio.
Terms of the deal were not disclosed other than the merger was an “all-stock transaction.”
But Terra Tech CEO Frank Knuettel II predicted in a news release that “the combined companies will generate revenues in excess of $70 million in 2021.”
“This is the first of our anticipated strategic acquisitions building on the foundation formed by my predecessors,” Knuettel said.
“Our short-term goal is to become the premier West Coast and Southwest operator of cannabis assets with a focus on brands and dispensaries.”
Unrivaled has a business footprint in Arizona, California, Oklahoma and Oregon, and its products are on shelves in roughly 700 cannabis shops in California and Oregon alone, according to the release.
The company’s brand portfolio includes Cabana, Korova, LTRMN, The Spot and Sticks.
Until now, Terra Tech had been operating only in California, where it owns two retail stores and a cultivation facility, and Nevada, where it owns a cultivation and manufacturing plant.
Terra Tech trades on the over-the-counter markets under the ticker symbol TRTC.