Terra Tech Enters into Agreement to Acquire Remainder of Interest in Blüm Reno Dispensary
IRVINE, Calif., Feb. 28, 2019 (GLOBE NEWSWIRE) -- Terra Tech Corp. (TRTC) ("Terra Tech") or (the "Company"), a vertically integrated cannabis-focused agriculture company, today announced it has entered into an agreement to acquire the remainder of the interest in the Blüm Reno dispensary, located at 1085 S Virginia St Suite A, Reno, NV 89502.
As a result of the agreement, Terra Tech Corp.’s ownership in the Blüm dispensary, including its cannabis licenses, will increase from 50% to 100%, and Terra Tech Corp.’s ownership in the building which houses the dispensary will increase from 50% to 100%. Closing of the agreement is subject to the approval of the Nevada Department of Taxation, which the Company expects to receive in approximately 60-90 days.
Chief Executive Officer, Derek Peterson, said, “This purchase allows us to have complete ownership and control of the Reno Blüm dispensary, which provides much-needed cannabis products to the local medical and adult-use markets, at a price that we believe accurately represents a fair value. It also settles the lawsuit with Heidi Loeb Hegerich and we are pleased to put this matter behind us and look to the future. We continue to execute against our growth strategy in Nevada, and have recently shipped our first products from our new Sparks, Nevada cultivation facility to our retail Blüm dispensaries across the state. These will be marketed to our customers and patients under our premium IVXX™ brand.”
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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 and California. 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, Ahold, Aldi, 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.
For more information about IVXX visit: http://ivxx.com/
For more information about Blüm Nevada visit: http://letsblum.com
For more information about Blüm Oakland visit: http://blumoak.com/
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For more information about Edible Garden visit: http://www.ediblegarden.com/
Visit Edible Garden on Facebook @ https://www.facebook.com/ediblefarms?fref=ts
Cautionary Language Concerning Forward-Looking Statements
Statements in this press release may be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "anticipate", "believe", "estimate", "expect", "intend" and similar expressions, as they relate to the company or its management, identify forward-looking statements. These statements are based on current expectations, estimates and projections about the company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and those risks discussed from time to time in Terra Tech Corp.'s filings with the Securities and Exchange Commission. In addition, such statements could be affected by risks and uncertainties related to Terra Tech Corp.'s (i) product demand, market and customer acceptance of its equipment and other goods, (ii) ability to obtain financing to expand its operations, (iii) ability to attract qualified sales representatives, (iv) competition, pricing and development difficulties, (v) ability to integrate GrowOp Technology Ltd. into its operations as a reporting issuer with the Securities and Exchange Commission, and (vi) general industry and market conditions and growth rates and general economic conditions. Any forward-looking statements speak only as of the date on which they are made, and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release. Information on Terra Tech Corp.'s website does not constitute a part of this release.
Contact
Philip Carlson
KCSA Strategic Communications
212-896-1238
Released February 28, 2019