Unrivaled Brands, Inc. (OTCQX: UNRV), a multi-state vertically integrated cannabis company announced on Wednesday that it has launched operations at its new cultivation facility in Oakland, California.

Designed to supply the Company’s Korova brand with premium, high-potency strains, the state-of-the-art facility has numerous technological improvements over prior cultivation operations. The building contains four flower rooms with sixty lights each and is expected to yield more than 3,500 pounds per year of expertly crafted cannabis flower.

“This is an important building block towards building one of the dominant west coast cannabis companies and importantly, ensures access to high quality, high potency strains in support of our brands,” Unrivaled Brands CEO Frank Kneuttel told Benzinga. In addition to California, Unrivaled Brands has operations in Oregon and Nevada.

Unrivaled Brands is home to Korova, a high potency leader for over 10 years across multiple product categories in California where the company operates three dispensaries, a state-wide distribution network, company-owned brands and a cultivation facility including the newest one opening in Oakland.

“With the planting of specific Korova strains last week, we are pleased to launch our latest cultivation facility, which we expect to increase the supply of cannabis in support of the growth of the Korova brand throughout California,” said Uri Kenig, Unrivaled’s COO. “We are pleased to bring this operation online, which is expected to both triple our estimated annual production and provide us with the unrivaled ability to manage the quality of the flower sold under our brand names.”

Unrivaled Brand’s Recent Moves

In August, the company entered into an exclusive agreement with Feel Better LLC and their licensing and production partner Halo Collective Inc to become the exclusive distributor of Feel Better's FlowerShop* branded products, a cannabis lifestyle and wellness brand, in more than 400 retail stores across California.

Also in August, the company announced that it had successfully sold its 4th Street Property located in Las Vegas, Nevada.

In March, Terra Tech Corp. (OTCQX: TRTC) acquired UMBRLA, Inc., which had recently rebranded as Unrivaled, in an all-stock transaction.

Price Action

Unrivaled Brands’ shares were trading 5.89% lower at $0.27 per share at the close on Tuesday.

Photo by Richard T on Unsplash

See more from Benzinga

• Click here for options trades from Benzinga

• Michigan State Senators Introduce Bill To Decriminalize Psychedelics, Call For More Research

• Al Harrington, Drake, Killer Mike Ask Pres. Biden To Pardon All Non-Violent Cannabis Offenders

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.