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| TRTC LOI to Acquire Cannabis Cultivation and Production Facilities in Nevada Will Accelerate Nevada Market Penetration |
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 Hot Stock to Watch |
Company: Terra Tech Corp (OTCQX: TRTC)
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Last:
Price: 0.246
Change (%): + 0.0193 (8.51)
Volume: 2,304,551 |
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Terra Tech Corp. Signs Letter of Intent to Acquire Cannabis Cultivation and Production Facilities in Nevada
IRVINE, CA-(Marketwired - August 30, 2017) - Terra Tech Corp. (OTCQX: TRTC) (“Terra Tech” or the “Company”), a vertically integrated, cannabis-focused agriculture company, announced today that it has signed a non-binding letter of intent to acquire 50% of NuLeaf Sparks Cultivation LLC and NuLeaf Reno Production LLC. The acquisition is expected to fast track Terra Tech’s cultivation and production facilities allowing them to introduce their IVXX wholesale brand as well as support increasing demand for cannabis products throughout Nevada.
NuLeaf Sparks holds a Nevada medical cannabis cultivation license and is in the process of constructing a 30,000 square foot cannabis cultivation facility in Sparks, Nevada. NuLeaf Reno holds a Nevada medical cannabis production license and is in the process of constructing a 15,000 square foot cannabis production facility in Reno, Nevada. Both facilities are expected to be completed by the fourth quarter of 2017.
Derek Peterson, CEO of Terra Tech, commented, “This partnership will allow us to rapidly increase our time to market without needing to invest vast amounts of time or capex into establishing cultivation and production capabilities from scratch. The NuLeaf team, which has operated BPG cannabis dispensary in Berkeley, CA, has been a premier vertically integrated supplier in California for over two decades. Our combined experience positions us to be a dominant force throughout Nevada. We aim to close the transaction in Q3 2017 and to start generating revenues from cannabis produced at the joint facilities by the end of the year. Cannabis grown at these facilities will be harvested under the safest conditions, free of toxic pesticides, harmful molds and chemical residues in order to meet the high standards associated with our IVXX brand. The new cultivation and production facilities will supply our three dispensaries in Las Vegas, as well as our Reno dispensary, and third party dispensaries across the State of Nevada.”
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