LOS ANGELES--(BUSINESS WIRE)--Adnant Consulting (the Company), a national cannabis accountancy, has spent almost a decade leveraging its financial and regulatory expertise, as well as its industry relationships, to take cannabis startups like Green Thumb Industries, Glass House Brands and MedMen to public markets. Now the Company is demonstrating its acumen in reviving troubled businesses through strategic executive placement, turning to its proven leadership to generate rapid fiscal turnaround.
In August of 2022, Unrivaled Brands (UNRV) engaged Adnant to bring in an executive team to restructure the company's debt, with a focus on improving operating cash, meeting SEC filing requirements and dispose of, or operationalize, company assets. By the end of 2022, just months after assuming leadership positions within Unrivaled, the Adnant team’s contributions helped reduce Unrivaled’s total liabilities by 41%, from $120.7 million in 2021 to just $71.1 million.
“The results we are sharing today are the product of dogged determination and relentless hard work,” said Adnant CEO Sabas Carrillo. “I am very grateful to the team at Adnant for their constant support, professionalism and knowledge. I look forward to what this team can achieve in the future.”
The Company accomplished this by leveraging its experience and relationships, as well as placing several of its own executives into leadership positions at Unrivaled, including Carrillo as CEO and CPA Patty Chan as Interim Chief Financial Officer. By the end of 2022, Adnant has successfully helped streamline Unrivaled’s business and eliminated non-productive, cash-draining operations.
In addition to key interim executive placements, Adnant also leveraged its financial reporting team to assist in filings with the SEC. Adnant first worked with Unrivaled (formerly Terra Tech) in 2015 as its behind-the-scenes team for taking Unrivaled public. Six years later, in the wake of especially challenging currents in the cannabis industry, Unrivaled tapped Adnant again, this time to reposition the company and the brand amidst executive turnover and industry hardships.
“Since coming on board in August of 2022, our new management team has been focused on optimizing cash flow by eliminating non-core assets, streamlining ongoing operations and improving the Company’s balance sheet with an emphasis on improving key vendor relationships and reducing short- and long-term debt,” said Chan.
“The revitalized Unrivaled team has operated with discipline, and our preliminary fourth-quarter financial results reflect their hard work. As we continue strengthening our working capital, we also look forward to expanding our California cannabis retail footprint, including through our previously announced agreements to operate Cookies-branded stores in Redding, CA and Oakland, CA.”
About Adnant Consulting: In 2009, Adnant was the first accounting firm to secure banking access for a cannabis company. In addition to that initial success with Weedmaps, Adnant also played a key role in developing California’s nascent cannabis accounting standards. Since then, Adnant has worked with some of the most prominent companies in the industry, including seven out of the 12 largest multi-state cannabis operators and brands, including MedMen, Cookies, Korova and RUNTZ.
About Unrivaled: Unrivaled is a premier West-Coast-focused cannabis multi-state operator building the next generation of cannabis experiences through vertically integrated cultivation, operations and community-driven retail.