Terra Tech buys Santa Ana Marijuana dispensary co-owned by Rapper The Game:
Terra Tech, a national Cannabis company with local roots, will finally get to run a store in its own backyard.
The Irvine-based firm on Thursday announced a $7 million deal to buy The Reserve dispensary in Santa Ana, which has been co-owned by rapper The Game.
Terra Tech plans to rebrand the shop as Blüm, the name for its growing chain of dispensaries. The company already has one Blüm dispensary in Oakland, four in Nevada and another coming soon to San Leandro. Terra Tech also owns cultivation and extraction facilities.
But the deal in Santa Ana marks the publicly traded company’s first retail space in Southern California.
“We’re excited to have something close to our corporate headquarters,” said Derek Peterson, CEO of Terra Tech. “We see this as being one of the flagship locations for us.”
Terra Tech plans to hire some new employees, plus keep on any current workers who want to stay. They’ll need to get on board with company protocols, Peterson said. In exchange, they’ll get full benefits, a fixed salary structure and opportunities to advance throughout the growing chain.
“Our model is to promote from within,” he said.
Terra Tech bought The Reserve with $4 million in cash and $3 million in stock, according to documents filed with the Securities and Exchange Commission.
The company, listed on the over-the-counter market as TRTC, saw a 4 percent bump in stock price on news of the sale Thursday morning, with shares trading at $0.23 as of 10 a.m.
Blüm will be the second branded dispensary chain to come to Santa Ana. In June, MedMen opened a sleek store a mile north on South Wright Street, becoming the 16th licensed shop in Santa Ana."
Don't forget this too!
Terra Tech Corp. Signs Letter of Intent to Acquire Cannabis Cultivation and Production Facilities in 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."
Thanks to sleepernw for reporting this.