Eight permits in total cover retail, cultivation and production facilities
NEWPORT BEACH, Calif., Sept. 30, 2015 /PRNewswire/ — Terra Tech Corp. (OTCQB: TRTC) (“Terra Tech”) or (the “Company”), a vertically integrated cannabis-focused agriculture company, today provides a timeline for the eight medical cannabis provisional operational certificates it has secured in Nevada.
“Nevada is an attractive market for us because it is one of the only states to recognize the patient status of non-residents. It has also developed some of the most entrepreneurial-friendly legislation in the country,” said Derek Peterson CEO of Terra Tech. “Introducing our IVXX brand into Las Vegas, Reno and Clark County capitalizes on Nevada’s advantageous regulatory landscape and thriving wholesale market. Our new dispensaries and cultivation centers favorably position us for long-term growth as we look to cultivate relationships within the broad network of retailers within the state.”
Terra Tech’s medical cannabis provisional operational certificates cover the following facilities:
- City of Las Vegas Dispensary: Located adjacent to the Las Vegas strip, this location will benefit from the heavy traffic in Las Vegas. It is scheduled to open during the first quarter of 2016.
- Two Clark County Dispensaries: Located at 1130 East Desert Inn Road and 3650 South Decatur Blvd., these two dispensaries will provide easy access to resident of the county but also for patients traveling in from other states. Both dispensaries are scheduled to open during the second quarter of 2016.
- Reno Dispensary: This location will benefit from tourism, as Reno hosts close to five million visitors a year. It is scheduled to open during the second quarter of 2016.
- Clark County Cultivation and Production: Terra Tech has been testing new ways to improve operating efficiencies, energy consumption and productivity, which may increase production up to 30% and reduce energy costs by more than 60%. If successful, these new methods will be employed at this location, which is scheduled to open during the first quarter of 2017.
- Washoe County Cultivation and Production: This location will also utilize the new efficiency methods Terra Tech is currently testing. It is scheduled to open during the first quarter of 2017.
Mr. Peterson continued, “As a major tourist destination, Nevada sees close to 40 million tourists a year, more than 30% from California, a medical cannabis state. We believe tourism is going to be a significant growth driver of the medical cannabis industry in Nevada, and our expanded retail footprint enables us to meet that demand. While we await the completion of our cultivation facilities, we are negotiating leasing space from other operators to immediately offer IVXX products to customers.”
In addition, Terra Tech will be launching the IVXX ™ brand of premium medical cannabis concentrates in Nevada in early 2016. The Company intends on cultivating and producing IVXX-branded flowers, joints, shatters, waxes and oils in its Nevada-based facilities. Terra Tech will market the products to the 62 third party-owned dispensaries throughout the state, and will also carry them in all of the Company-owned dispensaries.
About Terra Tech
Terra Tech Corp. (TRTC) through its wholly-owned subsidiary GrowOp Technology, specializes in controlled environment agricultural technologies. The company integrates best-of-breed hydroponic equipment with proprietary software and hardware to provide sustainable solutions for indoor agriculture enterprises and home practitioners. Our complete product line is available at specialty retailers throughout the United States, and via our website. Through its wholly-owned subsidiary Edible Garden, cultivates a premier brand of local and sustainably grown hydroponic produce, sold through major grocery stores such as Shoprite, Walmart, Krogers and others throughout New Jersey, New York, Delaware, Maryland, Connecticut, Pennsylvania and the Midwest. MediFarm LLC is focused on medical cannabis businesses throughout Nevada. IVXX LLC is a wholly owned subsidiary that produces medical cannabis extracted products for regulated medical cannabis dispensaries throughout California.
For more information about Terra Tech Corp visit: http://www.terratechcorp.com/
For more information about IVXX visit: http://ivxx.com/
Visit us on Facebook @ https://www.facebook.com/terratechcorp/timeline
Follow us on Twitter @terratechcorp
Follow us on Instagram @socal_IVXX
For more information about Edible Garden visit: http://www.ediblegarden.com/
Visit Edible Garden on Facebook @ https://www.facebook.com/ediblefarms?fref=ts
Visit IVXX on Facebook @ https://www.facebook.com/ivxxbrand?fref=ts
Cautionary Language Concerning Forward-Looking Statements
Statements in this press release may be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “anticipate”, “believe”, “estimate”, “expect”, “intend” and similar expressions, as they relate to the company or its management, identify forward-looking statements. These statements are based on current expectations, estimates and projections about the company’s business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and those risks discussed from time to time in Terra Tech Corp.’s filings with the Securities and Exchange Commission. In addition, such statements could be affected by risks and uncertainties related to Terra Tech Corp.’s (i) product demand, market and customer acceptance of its equipment and other goods, (ii) ability to obtain financing to expand its operations, (iii) ability to attract qualified sales representatives, (iv) competition, pricing and development difficulties, (v) ability to integrate GrowOp Technology Ltd. into its operations as a reporting issuer with the Securities and Exchange Commission, and (vi) general industry and market conditions and growth rates and general economic conditions. Any forward-looking statements speak only as of the date on which they are made, and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release. Information on Terra Tech Corp.’s website does not constitute a part of this release.
SOURCE Terra Tech Corp.