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| Big News for TRTC in So Cal Market |
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 Hot Stock to Watch |
Company: Terra Tech Corp. (OTCQX: TRTC)
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Last:
Price: 1.93
Change (%): + 0.11 (6.04)
Volume: 167,230 |
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Terra Tech Corp. Granted Two Permits to Open Cannabis Dispensaries in Santa Ana, California
New permits for Dyer Road and Carnegie Avenue will allow Company to expand its presence in Orange County
IRVINE, Calif., July 24, 2018 (GLOBE NEWSWIRE) - Terra Tech Corp. (OTCQX:TRTC), (“Terra Tech” or the “Company”) a vertically integrated cannabis-focused agriculture company, is pleased to announce it has been granted two permits by the City of Santa Ana to operate one retail dispensary on Dyer Road and one on Carnegie Avenue in Santa Ana, California.
Derek Peterson, CEO of Terra Tech, commented, “We first entered the Southern California market in September of last year when we commenced operating and managing a cannabis dispensary in Santa Ana. We are proud to have successfully leveraged this first mover advantage to obtain two new retail permits and expand our presence in Orange County.”
The first dispensary will be located at 620 East Dyer Road, with plans to become a fully vertical cannabis complex. The Company purchased this 44,000 square foot facility in January 2018, to expand its presence in Southern California. Following the receipt of the permit, the Company will avail itself of the opportunity to acquire vertically integrated permits from the City of Santa Ana to conduct cultivation, distribution, and manufacturing on site. The Company plans to develop the property to include a retail dispensary; increase the size of the facility to over 50,000 square feet and transform it into a vertically integrated cannabis complex. In addition, the Company plans to include an event facility to host large-scale cannabis themed events, such as concerts and movie nights. The Dyer Road facility is adjacent to the 55 Freeway and acts as an entry point into the Southern California marketplace, allowing the Company to benefit from the area’s high population density and traffic. Potential revenues from the retail dispensary, when at full capacity and under current market conditions, are expected to be between $7 million and $10 million per year.
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