IRVINE, CA / ACCESSWIRE / August 19, 2019 / Terra Tech Corp. (OTCQX:TRTC) (“Terra Tech”) or (the “Company”), a vertically integrated cannabis-focused agriculture company, today announced that it entered into an agreement to sell 100% of the assets of its Blüm Reno dispensary located at 1085 S Virginia St Suite A, Reno, NV 89502, including the building where the dispensary is located, for a purchase price of $15,000,000.
Terra Tech’s Blüm Reno dispensary has been operational since January 2017 and provides cannabis products to the local medical and adult-use markets, including the Company’s proprietary IVXX™ brand of premium medical cannabis, flowers, shatters, waxes and oils, among other high-quality cannabis products from a range of reputable providers of superior grade medical cannabis.
Derek Peterson, CEO of Terra Tech, commented, ”Selling the cannabis retail license for our Blüm Reno dispensary is another key milestone in our restructuring plan, a strategy that has been implemented to leverage our balance sheet to fuel growth, as opposed to approaching the capital markets more often than is necessary. Our Blüm dispensary in Reno has substantially increased in value since its opening and selling its assets allows the Company to strategically monetize this asset. To move forward with our restructuring strategy, we plan to redeploy the additional capital generated by this sale toward more productive assets in California in areas such as infrastructure and sales and marketing.”
Terra Tech anticipates the closing of the transaction within 90 days, pending all state and local jurisdictional approvals.
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About Terra Tech
Terra Tech Corp. (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