Adnant Achieves Fiscal Turnaround Of Unrivaled Brands, Launches Search For New Ventures

Adnant, a cannabis consulting and accounting firm, announced its successful restructuring efforts with Unrivaled Brands, Inc. UNRV are nearing completion. Adnant’s contributions have helped Unrivaled recognize its second consecutive quarter of net income and reduction of Unrivaled’s total liabilities from $125.3 million as of December 31, 2021 to $73.2 million as of March 31, 2023.

“We are excited to have made significant progress in our restructuring of Unrivaled Brands, and we are now looking for a new company or project to help guide and transform,” stated Michael Nava, Adnant’s chief of staff.

Prior to Adnant being installed as Unrivaled’s third executive management team of 2022, Unrivaled had a net loss of $63.7 million for the three months ending June 30, 2022, which includes the company's operations in the state of Oregon.

“We are removing shame from the restructuring process,” stated Adnant senior manager Long Luu. “We are currently in the middle of a common business cycle that occurs in many industries. We’re seeing it in the tech industry right now, too. If you go into receivership, you could be litigating for years or you can get around the table and do the hard work of negotiating.”

According to the company, if cannabis debtors and creditors work together as the company has with Unrivaled’s creditors, they have a much stronger chance of navigating complex debt restructurings. They also have a better chance of being heard by lawmakers about financial and other reforms needed to guarantee the long-term success of the cannabis industry.

Photo by Jeff W on Unsplash

Related News

Who Is Who In Cannabis: Latest Industry Appointments You Should Know About