Terra Tech Gives Update on Nevada Medical Cannabis and National Initiatives
Irvine, Feb. 11, 2015 (GLOBE NEWSWIRE) -- Terra Tech Corp (TRTC), is pleased to update shareholders on Nevada Medical Cannabis efforts as well as additional efforts throughout the country. The company recently announced that MediFarm, MediFarm I, and MediFarm II, have all received provisional certificates from the State of Nevada in each local jurisdiction where they applied for a Medical Marijuana Establishment license. Collectively, these subsidiaries were issued a total of four Dispensary provisional certificates, two Cultivation provisional certificates and two Production provisional certificates spanning both Northern and Southern Nevada. Below is a summary of current status in each region:
City of Las Vegas Dispensary- MediFarm received a provisional operational certificate from the State of Nevada Department of Health and Human Services Division of Public and Behavioral Health on 11/3/2014. Subsequently MediFarm has submitted our Las Vegas Business License Application to the City of Las Vegas Department of Planning Business Licensing Division on 11/12/2014. MediFarm is finalizing our design so that we may submit our construction documents for permitting and once approved, will begin construction. After completing construction and obtaining all required approvals and certifications from the local and state agencies, MediFarm will commence operations. The company anticipates the retail facility to be open and able to service patients by summer 2015.
Clark County Dispensaries, Cultivation and Production- MediFarm received four provisional operational certificates for two dispensaries, a cultivation and a production facility from the State of Nevada Department of Health and Human Services Division of Public and Behavioral Health on 11/3/2014. Medifarm received approval from the Clark County Department of Comprehensive Planning-Land Use on 6/25/2014 for its cultivation and production facilities.
MediFarm has not received final approval from the Clark County Department of Comprehensive Planning-Land Use for its two dispensaries. On 12/29/2014, the Clark County Commission voted 5 to 1 to formally deny, without prejudice, all applications for Special Use Permits (SUPs) that had previously been held in abeyance, including the 2 applications submitted by MediFarm for medical marijuana dispensaries in Clark County, Nevada. This denial was not directed at any particular applicant, but came as a recommendation from Clark County's District Attorney to the Commissioners in an effort to reconcile the state and local selection processes. The state had issued 18 provisional certificates for dispensaries in Clark County, including 2 to MediFarm, but only 10 of these had received Clark County SUPs.
The action by the Commissioners followed a Clark County District Court order issued on 12/26/2014 in the lawsuit filed by five dispensary applicants who received approval from Clark County, but not the state. Those applicants had asked the court to rule that the state improperly approved applicants who lacked county zoning approval. However, District Judge Kathleen Delaney found the state appropriately followed the law in choosing which applications to approve and had substantially complied with Nevada's Medical Marijuana Law in NRS Chapter 453A. Judge Delaney further stated "The Legislature clearly did not intend for the local jurisdictions … to have de facto authority to dictate to the Division whom it may consider for registration."
The plaintiffs in the lawsuit filed an amended complaint on 12/29/2014 and Clark County has asked to intervene in the litigation.
Medifarm has sued Clark County, Nevada for Declaratory and Injunctive Relief, and for Judicial Review pursuant to NRS 278.3195, of Clark County's decision to deny Medifarm's application for a Special Use Permit ("SUP") that would permit Medifarm to operate a medical marijuana dispensary in unincorporated Clark County. Specifically, Medifarm has alleged that Clark County, during the SUP approval process in June 2014, preselected SUP applicants that Clark County wanted as dispensary operators by issuing SUPs pursuant to Title 30 of the Clark County Code before the applications were even due to be submitted to the State of Nevada for dispensary registration certificates. Clark County deselected Medifarm by holding Medifarm's SUP application in abeyance, even though Clark County staff indicated that Medifarm met all of the requirements necessary for the issuance of a SUP.
While its SUP application was held in abeyance by Clark County, Medifarm applied for and received a dispensary registration certificate from the State. Several of the applicants that had been preselected by Clark County did not. Clark County, unhappy with the State's issuance of certificates to dispensary applicants different than those preferred by Clark County, then denied Medifarm's application for a SUP without explanation. This was a clear attempt by Clark County to inappropriately control the approval process for dispensaries, even though the State was primarily tasked with assessing and ranking applicants for such dispensaries. In so doing, Clark County acted in an arbitrary and capricious manner, and violated both Clark County Code as well as Nevada law. Medifarm's lawsuit seeks Judicial Review of Clark County's actions, and an affirmative injunction requiring Clark County to consider and approve Medifarm's SUP application.
The company wants to make certain an appropriate judicial review of the process is conducted. The only manner to facilitate a judicial review is by formally filing a lawsuit. Regardless of the outcome, the company plans to respect the results of this process and is focused on building out their six other facilities throughout the state.
MediFarm is finalizing the design of our cultivation and production facilities in Clark County so that we may submit our construction documents for permitting. Once approved, the company will commence construction. After completing construction and obtaining all required approvals and certifications from the local and state agencies, MediFarm will commence operations. The Company anticipates these production and cultivation facilities to be online by Q4, 2015.
Washoe County Cultivation and Production- MediFarm I received a provisional operational certificate from the State of Nevada Department of Health and Human Services Division of Public and Behavioral Health on 11/3/2014. MediFarm II has submitted its business license application to the Washoe County Business License Divisionfor their review and approval. After completing construction and obtaining all required approvals and certifications from the local and state agencies, MediFarm II will commence operations. The Company anticipates the production and cultivation facilities to be online by Q4, 2015.
Reno Dispensary- MediFarm I received a provisional operational certificate from the State of Nevada Department of Health and Human Services Division of Public and Behavioral Health on 11/3/2014. MediFarm I has submitted its business license application to the City of Reno Business License Division for their review and approval. MediFarm Iis finalizing the design of our dispensaryso that we may submit our construction documents for permitting, once approved we will commence construction. After completing construction and obtaining all required approvals and certifications from the local and state agencies, MediFarm I will commence operations. The company anticipates the retail facility to be open and able to service patients by summer 2015.
"We are working diligently with our architects to finalize our final construction-ready plans. We are building what we believe are world-class facilities in what will likely be one of the largest markets in the country. While our goal is to be one of the first to market, we are taking our time to do it right. We think Nevada is going to be a sizable market and one that may grow significantly if recreational use successfully passes in 2016. We are building for our future there and not rushing the process," explains Derek Peterson, CEO of Terra Tech. "We have broad coverage throughout the state, even with the two retail locations in Clark County on hold. Our city of Las Vegas location is in close proximity to The Las Vegas Strip and is also easily accessible to local residents. The dispensary location in Reno is situated on a main road in a developing part of town. Our objective is to have our retail facilities open by this coming summer and our cultivation and production facilities in operation within the fourth quarter of 2015. We are actively sourcing premier medication to offer patients for the handful of months before we are cultivating our own. We are using the same guidelines and standards we use to source our premium product for our IVXX brand."
Florida- Terra Tech is keeping a close eye on Florida's developing opportunities. The manner in which the law is being implemented has been challenged, reviewed and is currently changing. Once the process is clarified the company will make a decision whether or not they are competing now or waiting for a broader law to pass in the future.
New York- The Company is actively pursuing the New York market. They have retained the law firm Malkin & Ross to lobby on their behalf throughout New York. MediFarm is currently developing a strategic advisory board and operational team in an effort to effectively compete for a chance to operate medical cannabis facilities in the state.
Edible Garden- The Edible Garden® brand is continuing to add retailers throughout the country. The company has recently finished the installation of their Dutch hydroponic moveable tables. This is the first application of the newest Dutch farming technology within the US. This has allowed the company to reduce labor costs and increase margins on its products. EG has recently introduced a new product called the Living Salad, which is a mixture of various living lettuces grown together in one pot. After a successful test the company is ramping up production and increasing the number of retail outlets carrying this item. In addition the company has expanded their supermarket penetration throughout the Midwest by adding new Kroger retailers every month.
IVXX- The Company recently announced a new brand of exceptional quality cannabis products called IVXX, which is a wholly owned subsidiary of Terra Tech. The company made its first sales of IVXX in December 2014 and is planning a full launch in early March 2015. The company is also launching a full website in the next few weeks in support of the brand, IVXX.com. Through the website, patients and brand enthusiasts will be able to learn more about the products offered by IVXX, find local retailers, as well as purchase IVXX branded gear. The Oakland-based lab will be producing all of the concentrates for IVXX.
The Company will issue additional updates to investors in the near future.
About Terra Tech
Terra Tech Corp. (TRTC) through its wholly-owned subsidiary GrowOp Technology, specializes in controlled environment agricultural technologies. The company integrates best-of-breed hydroponic equipment with proprietary software and hardware to provide sustainable solutions for indoor agriculture enterprises and home practitioners. Our complete product line is available at specialty retailers throughout the United States, and via our website. Through its wholly-owned subsidiary Edible Garden, cultivates a premier brand of local and sustainably grown hydroponic produce, sold through major grocery stores such as Shoprite, Food Emporium and others throughout New Jersey, New York, Delaware, Maryland, Connecticut, and Pennsylvania. MediFarm LLC is focused on medical cannabis businesses throughout Nevada.
For more information about Terra Tech Corp visit: www.terratechcorp.com
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For more information about Edible Garden visit: http://www.ediblegarden.com
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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.
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Released February 11, 2015