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Cannabis agriculture company Terra Tech Corp. (OTCQX:TRTC) agreed to acquire Umbrla Inc. for an undisclosed price.
Umbrla, which has rebranded as "Unrivaled," counts Dallas Imbimbo — co-founder of KushCo Holdings Inc. (OTCQX:KSHB) — among its management. The company operates manufacturing and distribution operations in both California and Oregon, offering flower products, vape cartridges, extracts, and edibles.
Deal Details: Terra Tech plans to fold Unrivaled's portfolio into its existing operations across California and Nevada.
"We are very pleased to have entered into this mutually beneficial transaction which leads to immediate scale, driven by strong brands and revenue growth," Terra Tech CEO Frank Knuettel II said, citing Imbimbo's leadership.
Knuettel also expects the combined companies to generate revenues in excess of $70 million in 2021.
"We intend to integrate Unrivaled’s management team into Terra Tech, whose robust leadership is capable of executing on high revenue growth and additional accretive acquisitions," he added.
What's Next: This is the first acquisition for Terra Tech. But more are on the way, according to Knuettel.
The company's "short-term goal" is to become "the premier West Coast and Southwest operator of cannabis assets with a focus on brands and dispensaries," he explained.
Terra Tech's acquiring Unrivaled is just the latest in a string of cannabis M&A activity. Recent deals involve Golden Leaf Holdings, which bought a multi-store chain; Red White & Bloom (OTCQX:RWBYF), which agreed to takeover Acreage's Florida operations; and Indus Holdings Inc. (OTCQX:INDXF), which merged with Lowell Herb Co. in a $39 million cash and stock deal.
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