IRVINE, CA / ACCESSWIRE / May 3, 2019 / Terra Tech Corp. (OTCQX: TRTC) ("Terra Tech") or (the "Company"), a vertically integrated cannabis-focused agriculture company, announced today the start of cannabis sales to the City of San Leandro's adult use market. On March 19, 2019 the San Leandro City Council approved adult use sales with a start date of May 1, 2019. After completing their review, the State approved the local authorization and issued the provisional adult and medical license May 2, 2019. The City has approved three retail facilities; however the Company currently operates the only dispensary that is currently open in the City at 1915 Fairway Drive San Leandro, CA, 94577.
The provisional license is valid for one year. Terra Tech's Blüm San Leandro dispensary has seen consistent medical foot traffic and a significant number of adult users, over 200 a week on average, who have been turned away since the medical facility opened its doors on January 11, 2019 due to the prior restriction on sales. The company expects robust sales in San Leandro which is a prominent suburb city of San Francisco and Oakland, centered in the dynamic San Francisco Bay Area, with a vibrant community of more than 89,000 residents. The City also encompasses a large industrial area that is home to an advanced manufacturing industry.
Chief Executive Officer, Derek Peterson, said, "Since we made history opening the first medical dispensary in San Leandro in January 2019, we have been committed to supporting the local community, bringing much-needed medical cannabis to patients in the area. As the owners of the only open cannabis dispensary in San Leandro, we are now uniquely positioned to serve the adult use cannabis market in San Leandro, which also attracts customers from San Francisco and Oakland. This is a great opportunity which opens our total addressable market and is expected to drive meaningful sales growth at our San Leandro location."
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About Terra Tech
Terra Tech Corp. (OTCQX: TRTC) operates through multiple subsidiary businesses including: Blüm, IVXX Inc., Edible Garden, and MediFarm LLC. Blüm's retail and medical cannabis facilities provide the highest quality medical cannabis to patients who are looking for alternative treatments for their chronic medical conditions as well as premium cannabis to the adult-use market in Nevada and California. Blüm offers a broad selection of cannabis products including; flowers, concentrates and edibles through its multiple California and Nevada locations. IVXX, Inc. is a wholly-owned subsidiary of Terra Tech that produces 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, Ahold, Aldi, Meijer, Kroger, Stop & Shop and others nationwide. Terra Tech's MediFarm LLC subsidiaries are focused on medical and adult-use cannabis cultivation and permitting businesses throughout Nevada.
For more information about IVXX visit: http://ivxx.com/
For more information about Blüm visit: http://letsblum.com
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For more information about Edible Garden visit: http://www.ediblegarden.com/
Visit Edible Garden on Facebook @ https://www.facebook.com/ediblefarms?fref=ts
Cautionary Language Concerning Forward-Looking Statements
Statements in this press release may be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to the company or its management, identify forward-looking statements. These statements are based on current expectations, estimates and projections about the company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and those risks discussed from time to time in Terra Tech Corp.'s filings with the Securities and Exchange Commission. In addition, such statements could be affected by risks and uncertainties related to Terra Tech Corp.'s (i) product demand, market and customer acceptance of its equipment and other goods, (ii) ability to obtain financing to expand its operations, (iii) ability to attract qualified sales representatives, (iv) competition, pricing and development difficulties, (v) ability to integrate GrowOp Technology Ltd. into its operations as a reporting issuer with the Securities and Exchange Commission, and (vi) general industry and market conditions and growth rates and general economic conditions. Any forward-looking statements speak only as of the date on which they are made, and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release. Information on Terra Tech Corp.'s website does not constitute a part of this release.
KCSA Strategic Communications
SOURCE: Terra Tech Corp.
Released May 3, 2019