Cannabis-focused agriculture firm Terra Tech Corp. (OTCQX: TRTC) has agreed to acquire the remaining stake in the Blüm Reno dispensary in Nevada.
Under the agreement, Terra Tech will increase its stake in the Reno, Nev.-based dispensary to 100% from 50%. The acquisition includes the Blüm dispensary’s cannabis licenses as well.
Additionally, Terra Tech’s ownership in the building which houses the dispensary will increase from 50% to 100%.
The agreement is subject to the approval of the Nevada Department of Taxation. The company expects to receive within 60 to 90 days.
“This purchase allows us to have complete ownership and control of the Reno Blüm dispensary, which provides much-needed cannabis products to the local medical and adult-use markets, at a price that we believe accurately represents a fair value,” Terra Tech CEO Derek Peterson said in a statement.
“[The deal] also settles the lawsuit with Heidi Loeb Hegerich and we are pleased to put this matter behind us and look to the future. We continue to execute against our growth strategy in Nevada, and have recently shipped our first products from our new Sparks, Nevada cultivation facility to our retail Blüm dispensaries across the state. These will be marketed to our customers and patients under our premium IVXX brand,” Peterson added.
Terra Tech Business
Terra Tech operates through subsidiaries: Blüm, IVXX, Edible Garden, and MediFarm.
Blüm’s retail and medical cannabis facilities provide medical cannabis to patients looking for alternative treatments for their chronic medical conditions as well as premium cannabis to the adult-use market in Nevada and California. The company offers cannabis products – including flowers, concentrates and edibles – through its Oakland, Calif.-based location and multiple Nevada locations.
IVXX is a wholly-owned subsidiary of Terra Tech that produces cannabis-extracted products for regulated medical cannabis dispensaries throughout California and medical and adult-use dispensaries in Nevada.
The company’s subsidiary, Edible Garden, cultivates local and sustainably grown hydroponic produce, sold through major grocery stores such as ShopRite, Walmart, Ahold, Aldi, Meijer, Kroger, Stop & Shop and others nationwide.
Terra Tech’s MediFarm is focused on medical and adult-use cannabis cultivation and permitting businesses throughout Nevada.