LTRMN is proud to announce a monumental merger agreement with our new friends and premium cannabis company Korova to create a multi-state holding company called UMBRLA, Inc. The merger process started earlier this spring with a letter of intent being signed. As a team, we at LTRMN couldn’t be more thrilled about what’s next. This merger means a brighter future for our employees, our brands, and our retail partners.
A Quick Breakdown:
Combining forces with Korova was the first step of a larger $462.5 million acquisition with Vertical that will unite a number of other premier cannabis brands on the West Coast, and grow our distribution network to over 1,000 retail dispensaries. The agreement isn’t just about financial resources: Vertical also has cultivation, processing, and distribution assets creating a deal leaving everyone nicely positioned.
What’s the Bottom Line for LTRMN and Our Current Partners?
This allows us to improve on the status quo: we’ll now be able to do more of what we’ve been doing, but at a higher and more efficient level. Our retailers will get better support, better programs, and better merchandising. The acquisition will also open new doors for brand reach and distribution. Currently we market and distribute leading cannabis brands to recreational retail outlets in Oregon, with Korova having a similar footprint in California and beyond. This gives us a true path to growth — we’re preparing to go live in California this summer!
As more and more states ride the legalization tidal wave, our friends will be able to ride it, too. Granted, the deal still has to get state approval, so we can’t say the acquisition is finalized yet, but we’re excited to say that as of today the ball is rolling. We’ll post updates here as it all develops. We’re excited for you to be along for the ride.