Subject: TRTC Expands So Cal Footprint with Stake in 10th Retail Permit

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TRTC Expands So Cal Footprint with Stake in 10th Retail Permit
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Company: Terra Tech Corp. (OTCQX: TRTC)


Price: 2.25

Change (%): + 0.09 (4.17)

Volume: 343,931
TRTC Chart

Terra Tech Corp. Secures Stake in 10th Retail Permit

IRVINE, Calif., July 26, 2018 (GLOBE NEWSWIRE) - Terra Tech Corp. (OTCQX:TRTC) (“Terra Tech” or the “Company”), a vertically integrated cannabis-focused agriculture company, is pleased to announce that it has secured a 25% ownership stake in The Healing Tree Collective, Inc., a cannabis dispensary operator based in California. On July 23, 2018, The Healing Tree Collective was awarded a retail permit associated with a facility on W. Pendleton Ave, Santa Ana, by the City of Santa Ana. The remaining 75% of The Healing Tree Collective, and therefore the associated permit, is held by other members of the collective, with whom Terra Tech partnered in order to complete the permit application process.

Under the terms of the agreement between Terra Tech and the other members of The Healing Tree Collective, Inc, Terra Tech covered the costs of the permit application and Terra Tech’s wholly-owned subsidiary, Black Oak Gallery, will be responsible for managing all of the facility’s operations, including hiring decisions. The facility is located at 3222 W. Pendleton Ave, Santa Ana, California, an area of Santa Ana in which Terra Tech did not previously have a presence.

Derek Peterson, CEO of Terra Tech, commented, “We are pleased to have leveraged our know-how and experience in the Santa Ana market to secure this retail permit with The Healing Tree Collective, without needing to expend significant time or resources to do so. As the cannabis market continues to mature we expect these permits to become more valuable. We believe that maximizing our first mover advantage by securing a stake in this permit may lead to additional revenue opportunities in the medium and longer term.”

This follows the Company’s announcement earlier this week that it was granted two other permits by the City of Santa Ana to operate one retail dispensary on Dyer Road and one on Carnegie Avenue in Santa Ana, California.

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