Terra Tech granted temporary adult-use licenses by State of California
Terra Tech Corp. (OTCQX: TRTC) (“Terra Tech” or the “Company”), a vertically integrated cannabis-focused agriculture company, today announced that it has received State of California Temporary Authorization to distribute and retail cannabis, and expects to receive authorizations to cultivate and manufacture cannabis for California’s adult-use and medical markets, effective January 1, 2018. Terra Tech plans to commence adult-use cannabis sales to the California market immediately through its Blüm retail dispensaries located in Oakland and Santa Ana.
Terra Tech first started selling medical cannabis products to patients in California through its Blüm dispensary in Oakland. In anticipation of adult-use sales, the Company opened a second Blüm retail location in Santa Ana, California in September, 2017 and is currently constructing a Blüm dispensary in San Leandro, which is expected to open to the public in early 2018. The Company is also expanding its cultivation facilities through its ‘Craft Cultivation’ model, and has signed two craft cultivators, based in Honeydew and Salinas, to ramp production of the Company’s brand of premium cannabis. The Company’s IVXX cannabis is grown and harvested under the safest and most beneficial conditions, free of toxic pesticides, harmful molds and chemical residues. All products are rigorously tested and certified to the highest standards of potency and purity.
“California has the oldest medical cannabis program in the nation and has the largest population out of any state in America. This adult-use license allows us to significantly expand our potential customer base in California beyond the medical market,” commented Derek Peterson, Chief Executive Officer of Terra Tech. “Terra Tech is one of only a handful of companies that has been issued this adult-use license in time for the Jan 1st start date. We believe this first mover advantage will enable us to grow our brand and gain traction with new customers in what is expected to be the nation’s largest cannabis market. Over the past several months we have worked diligently to expand both our retail presence and our cultivation facilities to prepare us for this exciting opportunity and we look forward to capitalizing on our progress to grow sales and build value for shareholders.”
Once issued the State of California’s Temporary Authorization to conduct medical and adult cannabis retail sales, manufacturing, cultivation and distribution will be valid for 120 days and may be extended for an additional 90 days. This transition period, from January 1, 2018 through July 1, 2018, allows for existing operators to apply for their annual permits and affords the industry an opportunity to align all business operations with new state requirements. During this time period existing operators with local approval are authorized to retail the inventory on hand as of December 31, 2017, so long as it is appropriately labeled and in controlled packaging. Terra Tech is required to submit further information and documents related to each of its respective business entities to the State of California in order to secure annual adult-use and medical licenses, including but not limited to incorporation documents, business operational plans, financial information, and leadership/executive information, labor peace agreements for operations with more than 20 employees, along with proof of local approval to operate.
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About Terra Tech
Terra Tech Corp. (OTCQX: TRTC) operates through multiple subsidiary businesses including: Blüm, IVXX Inc., Edible Garden, and MediFarm LLC. Blüm’s retail and medical cannabis facilities provide the highest quality medical cannabis to patients who are looking for alternative treatments for their chronic medical conditions as well as premium cannabis to the adult-use market in Nevada. Blüm offers a broad selection of cannabis products including; flowers, concentrates and edibles through its Oakland, CA and multiple Nevada locations. IVXX, Inc. is a wholly-owned subsidiary of Terra Tech that produces cannabis-extracted products for regulated medical cannabis dispensaries throughout California and medical and adult-use dispensaries in Nevada. The Company’s wholly-owned subsidiary, Edible Garden, cultivates a premier brand of local and sustainably grown hydroponic produce, sold through major grocery stores such as ShopRite, Walmart, Winn-Dixie, Raley’s, Meijer, Kroger, Stop & Shop and others nationwide. Terra Tech’s MediFarm LLC subsidiaries are focused on medical and adult-use cannabis cultivation and permitting businesses throughout Nevada.