Terra Tech Corp. Announces Sale of Western Avenue, Nevada Retail Dispensary for $6.25 million
IRVINE, Calif., July 12, 2018 (GLOBE NEWSWIRE) — Terra Tech Corp. (OTCQX: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 1921 Western Avenue in Las Vegas, to Exhale Brands Nevada, for a total consideration of $6,250,000.
Located adjacent to the Las Vegas Strip, the 3,900 square foot facility for the Western Avenue dispensary was initially opened by Terra Tech in April of 2015. 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.
Terra Tech retains a significant, focused presence in the Nevada market, to which it remains committed. The Company operates its Blüm, Desert Inn Road and Blüm, Decatur Boulevard dispensaries, both of which are located in Las Vegas, as well as its Blüm Reno dispensary, in Northwest Nevada. The Company also recently opened a new, 30,000 square foot cultivation facility in Sparks, Nevada and is awaiting State approval for a 15,000 square foot extraction lab in Reno, Nevada, both of which it owns 50%, which is expected to drive a ramp in production of its premium quality cannabis for the medical and adult-use markets.
As owners of medical and adult-use cannabis business licenses in Las Vegas associated with these dispensaries, the Company has the ability to apply for additional licenses based on its grandfather status. The company will be pursuing additional permits in new locations with better proximity to major tourist attractions in Las Vegas.
Derek Peterson, CEO of Terra Tech, commented, “The valuation of the Blüm