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Opening day of legal recreational marijuana sales at the Sierra Wellness Connection and Blum Reno dispensaries in Reno on July 1, 2017. (Photo: JASON BEAN/RGJ, RENO GAZETTE-JOURNAL-USA TODAY N)
Terra Tech is cutting ties with its Reno Blüm dispensary.
Cannabis giant Terra Tech Corp. is selling Blüm Reno dispensary for $15 million, according to company financial filings. The sale includes all of the assets of the business, as well as the building at 1085 S. Virginia St., Suite A in Reno.
Picksy Reno LLC will be the new buyer. The LLC registered as a business with the state in July, and a related LLC in May already is in the process of purchasing the Blüm dispensary in Las Vegas. Picksy Reno LLC is registered to Stacie Jackson of North Las Vegas.
An LLC structure protects the owner from personal liability in most instances so that personal assets — like your vehicle, house, and savings accounts — won’t be at risk in case the business faces bankruptcy or lawsuits.
Calls to both Picksy Reno LLC and Terra Tech were not immediately returned Tuesday.
Terra Tech’s Blüm Reno dispensary has been operational since January 2017 and sells medical and recreational marijuana. In recent months, the dispensary has been marred by news of its $6.3 million lawsuit with former shareholder Heidi Loeb Hegerich, as well as its nontraditional credit card practices.
Derek Peterson, CEO of Terra Tech, said in a statement Monday that the Reno location’s sale was part of the company’s restructuring plan.
“We plan to redeploy the additional capital generated by this sale toward more productive assets in California in areas such as infrastructure and