Initial Definitive Agreement signed of nine planned cannabis acquisitions
DENVER, CO / ACCESSWIRE / January 27, 2023 / Unified Global Corp ('UGC') (OTC PINK:CHYL) a consolidator of cannabis operators, announced today it has signed its first Definitive Agreement of 2023 out of nine planned acquisition transactions expected to close in the first part of 2023. These acquisitions are currently generating over $105M in annual revenue from cannabis businesses consisting of dispensaries, manufacturing and cultivation assets. These include a transaction in Puerto Rico, UGC's planned fourth market.
This first Definitive Agreement is for a dispensary in Oregon. UGC will now be submitting for the change in ownership to the regulatory authorities, required prior to closing of the transaction, which is anticipated before the end of Q1/23.
The remaining eight acquisitions, under non-binding letters of intent, provide for the acquisition of 25 additional dispensaries, cultivation and manufacturing assets located in Oregon, Colorado and Puerto Rico. Change Of Ownership paperwork will be submitted to the regulators within the coming weeks and close thereafter.
'Despite the cannabis market headwinds of 2022, Unified has identified key assets bringing in additional key executives to our publicly traded Collective to help execute on our rapid growth plan' stated Michael Lamb, Unified's Head of Capital Markets. '
2022 Cannabis Market Challenges & Unified's 2023 Optimism
While UGC paused its M&A program in 2022 due to the unsettled cannabis market, it is management's belief that this was due to a Pandemic spike and the industry is now experiencing a return to normalization to pre-pandemic revenue levels. There are over 2,000 operators in Unified's core four markets of Oregon, Colorado, Puerto Rico and Alberta, Canada with over $2 Billion of revenue. UGC continues to source some of the finest assets in the industry as many operators are looking for ways to monetize and have indicated that they are attracted to UGC's collective business model.
About Unified Global
Unified Global intends to become a vertically integrated Canadian/American MultiState Operator (Can-Am MSO) by consolidating cannabisoperations in four markets from two countries. The Company's leadership is an experienced team with significant cannabis operating and M&A expertise.
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This release contains 'forward-looking information' within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as 'may', 'will', 'expect', 'likely', 'should', 'would', 'plan', 'anticipate', 'intend', 'potential', 'proposed', 'estimate', 'believe' or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions 'may' or 'will' happen, or by discussions of strategy. The forward-looking information contained in this release includes, without limitation, the Company's intention to acquire cannabis assets, strategic plans for Unified Global generally, the growth rate, the success of the cannabis operators which Unified Global acquires, Unified Global's business plans and/or business strategy and Unified Global's ability to grow to become a vertically integrated cannabis company. There is no assurance that the transactions described herein will occur on the expected timeline, in the manner described or at all.
Forward-looking information is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management's perceptions of historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. While we consider these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct.
By their nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release including the inability or failure of Unified Global in completing the acquisition of the cannabis assets as described, or at all, the receipt of all applicable regulatory approvals for the transaction, including the regulator's approval as required under applicable law, the inability or failure of Unified Global to execute their business and strategic plans as contemplated or at all, changes in national or regional economic, legal, regulatory and competitive conditions and a resurgence in the COVID-19 pandemic.
Other risk factors include: the risks resulting from the US marijuana industry, which may be legal under conditions in certain states but is currently illegal under U.S. federal law; the risks of investing in securities of private companies which may limit Unified Global's ability to sell or otherwise liquidate those securities and realize value; reliance on management; the ability of the Unified Global to service its current or future debt; Unified Global's ability to obtain additional financing from time to time to pursue its business objectives; competition; litigation; inconsistent public opinion and perception regarding the medical-use and adult-use marijuana industry; and regulatory or political change. Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information.
The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. Unified Global undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
SOURCE: Unified Global Corp
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