IRVINE, CA / ACCESSWIRE / May 9, 2019 / Terra Tech Corp. (TRTC) (”Terra Tech” or the ”Company”), a vertically integrated cannabis-focused agriculture company, is pleased to announce it has agreed to sell 100% of the assets of its cannabis dispensary located at 1130 East Desert Inn Road, Las Vegas, Nevada to Picksy LLC, a Nevada limited liability company, for a total consideration of $10 million. The payments will consist of $7.2 million in cash payments and $2.8 million in the form of a 12 month promissory note bearing 5% interest and secured by the assets.
Located off the Las Vegas Strip near the Las Vegas Convention Center, the 5,220 square foot facility was initially opened by Terra Tech in October of 2016 to sell premium medical cannabis, flowers, shatters, waxes and oils, among other high-quality cannabis products from a range of reputable providers of superior grade medical cannabis. Since then, the valuation of the dispensary has grown and Terra Tech is confident that a sale is the best way to realize value for shareholders, given the significant increase in value the property has seen since it was purchased by the Company.
Derek Peterson, CEO of Terra Tech, commented, ”The planned sale of Blüm Desert Inn is the first milestone in our restructuring strategy which is focused on leveraging our balance sheet to fuel growth, rather than accessing the capital markets on a regular basis. The valuation of the Desert Inn Road location has increased significantly since we opened the dispensary. By selling the location we will strategically monetize this asset and lock in these returns. We plan to redeploy the additional capital generated by this sale toward more productive assets in California. These additional funds make us well positioned to build on our strong momentum through increased investments in infrastructure and