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| Big Update on Joint Venture with NuLeaf Sparks Cultivation LLC |
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 Hot Stock to Watch |
Company: Terra Tech Corp (OTCQX: TRTC)
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Last:
Price: 0.1898
Change (%): + 0.0027 (1.41)
Volume: 679,888 |
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Terra Tech Corp. Provides Progress Update on Joint Venture with NuLeaf
Terra Tech makes convertible loan to Nevada-based cannabis cultivation and production operator
IRVINE, CA - (Marketwired - November 01, 2017) - Terra Tech Corp. (OTCQX: TRTC) (“Terra Tech” or the “Company”), a vertically integrated cannabis-focused agriculture company, today provided an update on the planned joint venture with NuLeaf Sparks Cultivation LLC (“NuLeaf Sparks”) and NuLeaf Reno Production LLC (“NuLeaf Reno”), in Nevada, which was announced on August 30, 2017. A wholly-owned subsidiary of Terra Tech has made a convertible loan to NuLeaf Sparks, and a convertible loan to NuLeaf Reno, both of which will automatically convert to 50% ownership of the NuLeaf entities upon approval by the State of Nevada.
The joint venture is expected to fast track Terra Tech’s cultivation and production facilities, allowing it to increase supply of its proprietary IVXX wholesale brand to meet the growing demand for cannabis products throughout Nevada. NuLeaf Sparks holds a Nevada medical cannabis cultivation license and is in the process of constructing an approximately 30,000 square foot cannabis cultivation facility in Sparks, Nevada. NuLeaf Reno holds a Nevada medical cannabis production license and is in the process of constructing an approximately 15,000 square foot cannabis production facility in Reno, Nevada. Both facilities are expected to be completed in the fourth quarter of 2017.
“Entering into this agreement is a meaningful accomplishment for Terra Tech,” commented Derek Peterson, Chief Executive Officer of the Company. “Once we receive approval from the State of Nevada, we will automatically become 50% owners in these entities, allowing us to ramp supply of our proprietary IVXX brand of premium cannabis products for the medical cannabis market. This strategy enables us to rapidly move forward with capitalizing on the Nevada opportunity by granting access to new distribution channels and allowing us to grow market share, while maintaining financial discipline over our capital expenditure.
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