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Terra Tech and Blum Announce Definitive Merger Agreement Company acquires one of California’s highest-volume medical cannabis dispensaries NEWPORT BEACH, Calif., Jan. 12, 2016 /PRNewswire/ — Terra Tech Corp. (OTCQX: TRTC) (“Terra Tech” or the “Company”), a vertically-integrated, cannabis-focused agriculture company, today announced a definitive merger agreement under which Terra Tech will acquire 100% of the outstanding shares of Black Oak Gallery, DBA: Blum Oakland, an established, retail medical cannabis dispensary in Oakland, CA. Blum Oakland, which holds over 42,000 registered patients, has been operating since November 2012 and services close to 1,000 patients each day.

The acquisition includes Blum’s fully integrated supply chain, which consists of a sophisticated onsite cultivation facility, its portfolio of proprietary strains, as well as its high volume retail storefront. Trailing 12-month non-GAAP revenue for Blum Oakland is over $14 million, which tracks the revenue reported by Blum Oakland in its associated sales tax and marijuana tax reporting and payments. “Today, we can proudly claim the title of the only US-based, publicly-traded company that touches every aspect of the cannabis lifecycle—from cultivation, to extraction, to branding, and now, with the acquisition of Blum, to retail sale,” said Derek Peterson, CEO of Terra Tech.

“In addition to enhancing our cash-flow, this merger positions us to capitalize on the new regulatory landscape in California, which will change significantly with the implementation of the Marijuana Regulation and Safety Act in 2016. Cd Tom Jobim Download Free. The new legislation, which more strictly regulates the medical marijuana industry, should both reduce our competition and increase our total addressable market.

In addition, the new legislation allows companies to operate on a for-profit basis. Also, California’s pursuit to legalize adult use cannabis is gaining significant traction and support by major stakeholders in the state.

This merger with Blum strategically enables us to take advantage of the regulatory changes and to maximize value for Terra Tech stockholders.” “We have always prided ourselves on working with those at the forefront of the legal cannabis industry and this new partnership with Terra Tech is an exciting step forward for the Blum team,” commented Salwa Ibrahim, Executive Director of Blum. “I have been fortunate to work with Terra Tech over the past couple of years, primarily in securing the Nevada permits.

It is our hope that we can continue to secure permits and to develop sustainable but successful operations in new markets opening up. We’re looking forward to bringing together the core teams of both companies and finding other capable operators in this growing industry to join with as we continue to further our business strategy.” Upon completion of the merger, general terms of which are detailed below, Terra Tech stockholders will own 100% of the combined company.