Terra Tech Announces Construction of a New Cannabis Cultivation Facility in California
NEWPORT BEACH, CA — (Marketwired) — 03/07/17 — Terra Tech Corp. (OTC: TRTC) (“Terra Tech”) or (the “Company”), a vertically integrated cannabis-focused agriculture company, today announced the construction of a new cultivation facility in Oakland, California.
Terra Tech has executed a lease for 13,000 square feet of industrial space on over 30,000 square feet of land in Oakland’s industrial corridor. The Company is in the final stages of designing a state of the art cultivation facility projected to produce over one metric ton of premium grade cannabis per annum for its IVXX brand. The design includes fully automated environmental controls which are anticipated to reduce production costs associated with the cultivation of IVXX cannabis. Construction is expected to be completed by the end of Q3 2017, with full production capacity expected by the end of Q4 2017. As a partner to the City and in renewed commitment to the Oakland community, TRTC will work with the City of Oakland to ensure that the new cultivation facility meets all permitting and operational requirements, inclusive of any requirements that may be adopted by the Council.
This new facility will bring scale to our cannabis production capacity, representing yet another step towards increasing Terra Tech’s margins. We expect our expanded capacity to drive sales of our IVXX premium cannabis products in California, which is our leading market, as demand continues to strengthen.
Derek Peterson, Terra Tech Chief Executive Officer
Salwa Ibrahim, Executive Director of Blum, commented, “The Oakland City Building and Fire Departments have been great to work with as we finalize our design schematics. The City is forward thinking with respect to best in class construction practices, especially green building practices. We built on our experience from previous designs and projects to streamline this construction process as we expand our capacity to meet the burgeoning demand in the emergent cannabis industry.”
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About Terra Tech
Terra Tech Corp. (OTCQX: TRTC) operates through multiple subsidiary businesses including: Blüm, IVXX Inc., Edible Garden, MediFarm LLC and GrowOp Technology. Blüm’s retail medical cannabis facilities focus on providing the highest quality medical cannabis to patients who are looking for alternative treatments for their chronic medical conditions. Blüm offers a broad selection of medical cannabis products including; flowers, concentrates and edibles through its Oakland, CA and multiple Nevada locations. IVXX, Inc. is a wholly-owned subsidiary of Terra Tech that produces medical cannabis-extracted products for regulated medical cannabis dispensaries throughout California. The Company’s 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, Winn-Dixie, Raley’s, Meijer, Kroger, and others throughout New Jersey, New York, Delaware, Maryland, Connecticut, Pennsylvania and the Midwest. Terra Tech’s MediFarm LLC subsidiaries are focused on medical cannabis cultivation and permitting businesses throughout Nevada. The Company’s wholly-owned subsidiary GrowOp Technology, specializes in controlled environment agricultural technologies.
Original press release: http://ir.terratechcorp.com/press-releases/detail/181
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