NEW YORK, January 24, 2013 /PRNewswire/ –Recent developments regarding the legalization of marijuana have pushed medical marijuana producers to increase their rate of production in order to supply the growing industry. Amidst this development, Terra Tech Corp. (OTC: TRTC) [Full Research Report](1) recently signed an intent to acquire GroRite, a leader in sustainable agricultural products and one of New Jersey’s largest gardening super centers. Terra Tech is primarily interested in GroRite’s urban agriculture technology, which will significantly accelerate the company’s growth and will also allow it to control not only the distribution but also the retail of its products.
GroRite carries a complete line of nutrients, fertilizers, plant materials, gardening products, hydroponic equipment and other agricultural tools. These are only some of the few things that Terra Tech plans to use in order to boost the business’ competitiveness in the industry.
According to information provided by the Marijuana Policy Project (MPP), a dozen additional states are likely to push laws regarding marijuana legalization in 2013. Although federal law still prohibits the sale or possession of marijuana, states like Washington and Colorado have allowed marijuana for recreational use. Supporters of this development include doctors, analysts and legislators. Industry analysts believe that the legalization of marijuana can create a new and highly profitable agricultural industry, increased trade opportunities and an increase in gross national product (GNP).
Most people are still playing it safe when it comes to marijuana stocks, although Bruce Perlowin, Hemp, Inc.’s CEO, states that “The smart investor will start investing now before the explosion begins.”
Doug Fine, author of Too High to Fail: Cannabis and the New Green Economic Revolution comments, “The good news is that cannabis is now, in 2013, in the blueprint phase. I think we’re three to five years from full federal cannabis legalization. That’s enough planning time.”
Yet there is still the issue of the sustainability of increasing marijuana production. On this issue, Fine states that sustainable practices have to be taught, followed and certified in the Emerald Triangle.
As the competition in the medical marijuana business is growing fast, companies like Terra Tech will do well to invest on new technology to gain leverage over their competitors. By proposing to acquire GroRite, we can see that Terra Tech is planning to do just that.
Furthermore, it is essential that producers help in informing and educating the general public about the safe use and the benefits of marijuana. These efforts are likely to help the industry grow even further in the future.
(1) The Full Research Report on Terra Tech Corp. – including full detailed breakdown, analyst ratings and price targets – is available to download free of charge at: [http://www.nationaltradersassociation.org/r/entire_report/fe91_TRTC]
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SOURCE National Traders Association