Terra Tech Corp. Expands Retail Dispensary Operations into Santa Ana, California
Terra Tech Corp. (OTCQX: TRTC) (“Terra Tech” or the “Company”), a vertically integrated, cannabis-focused agriculture company, announced today that it has expanded its retail operations into Southern California through the acquisition of 100% of the assets of Tech Center Drive Management LLC (“Tech Center Drive”). Tech Center Drive operates The Reserve OC medical cannabis dispensary at 2911 South Tech Center Drive Santa Ana, CA 92705.
Under the terms of transaction, Terra Tech has the right to operate the dispensary, and to consolidate 100% of Tech Center Drive’s financial results into the Company’s financial results. In addition, upon receiving regulatory approval from the city of Santa Ana, Terra Tech has the option to acquire the cannabis retail permit associated with the dispensary for no additional consideration.
Derek Peterson, CEO of Terra Tech, commented, “The Reserve has a reputation for first-rate, patient-focused customer service and is expected to generate steady cash flow to the Company. This represents another milestone in our M&A strategy to rapidly expand our retail operations without needing to invest significant time or funds into building dispensaries. We plan to use the successful blueprint from the Blüm Oakland dispensary to grow sales at the Reserve and, in due course, will re-brand the dispensary to Blüm, which is our recognized cannabis retail brand in Northern California and Nevada.”
Mr. Peterson continued, “California has emerged as one of the United States’ leading legal cannabis markets, with adult-use planned to come online in 2018. Legal sales in the state are expected to hit $5.8 billion by 2021 according to Arcview Market Research, up from an estimated $1.8 billion last year. Terra Tech will continue to identify opportunities to expand both its retail and cultivation capabilities in these core markets to drive forward our growth strategy and build value for shareholders.”
Terra Tech Corp. operates multiple dispensaries as well as cultivation and extraction facilities in California and Nevada. In Oakland, California, the Company currently has one Blüm dispensary open and a cultivation and extraction facility under construction. In San Leandro, California, it has a Blüm dispensary and extraction facility, both of which are currently under construction. In Nevada, the Company has four, fully-operational Blüm retail dispensaries and, on August 30, 2017, announced a Letter of Intent to acquire cultivation and production facilities in Sparks and Reno, Nevada.
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