Unrivaled Brands Inc (OTCMKTS:UNRV) is one of the many cannabis companies which operate across multiple states in the United States and yesterday, it was not a great day for the company in the stock markets. Following a key announcement from the company, the stock tanked by as much as 10% for the day.
Trading Data
On Tuesday, UNRV stock fell 10% to $0.0540 with more than 1.22 million shares traded, compared to volume of 448K shares. The stock moved within a range of $0.0540 – 0.0625 after opening trading at $0.0625.
Unrivaled Brands Appoints Robert Baca as Interim Chief Legal Officer
The company announced yesterday that it had appointed an interim Chief Legal Officer in the form of Robert Baca. The appointment had gone into effect earlier on in the week on Monday August 22, 2022. It was a significant new appointment from Unrivaled Brands but it seems that investors were not particularly happy with the development.
It should be noted that the announcement did not come long after Unrivaled Brands had appointed SabasCarillo as its interim Chief Executive Officer back on August 12. In this regard, it is perhaps important to note that Baca is a highly experienced corporate attorney and has also worked as a consultant in leveraged transactions, mergers and acquisitions throughout the course of his career. In addition to that, he is also regarded as a veteran of the cannabis industry in the state of California.
Key Quote
“Robert is an aggressive and experienced advocate appropriate for this moment in Unrivaled’s history. His experience in cannabis and in corporate transactions will make him an important part of the Unrivaled team,” said Sabas.
Technical Data
UNRV stock is trading below the 20-Day and 50-Day Moving averages of $0.0694 and $0.0777 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.1826. The company has a total market capitalization of $28.62 million.
