Las Vegas, Nov. 4, 2014 (GLOBE NEWSWIRE) -- Terra Tech Corp (TRTC) is pleased to announce that their subsidiaries, MediFarm, MediFarm I, and MediFarm II, have all received provisional licenses from the State of Nevada in each local jurisdiction where they applied for a Medical Marijuana Establishment license. Collectively, these subsidiaries were issued a total of 4 Dispensary licenses, 2 Cultivation licenses and 2 Production licenses spanning both Northern and Southern Nevada. The MediFarm subsidiaries must also obtain applicable land use permits and businesses licenses in each local jurisdiction before they can commence operations.
To date, in Southern Nevada, MediFarm, has received its land use permits in unincorporated Clark County for the Cultivation and Production facilities. The Dispensary land use permits in unincorporated Clark County are pending. MediFarm has also received its land use permit and a compliance permit in the City of Las Vegas for its Dispensary facility. MediFarm will have to apply for and obtain business licenses in both these local jurisdictions before commencing operations.
The local land use and business licensing processes in Northern Nevada will now follow the State provisional licensing process. MediFarm I and MediFarm II will have to apply for and obtain these local permits and licensing prior to becoming operational.
"I'm thrilled with the results throughout Nevada, our team has done an exceptional job competing in a very important market in the US," explains Derek Peterson, CEO Terra Tech. "We still have some work to do at a local level before we can begin operations. We are also reaching out to Clark County officials to see what opportunity the company has now that we ranked so well at the state level. Today is a proud day for us and another step forward in building a world-class cannabis company."
About Terra Tech
Terra Tech Corp. (TRTC) through its wholly-owned subsidiary GrowOp Technology, specializes in controlled environment agricultural technologies. The company integrates best-of-breed hydroponic equipment with proprietary software and hardware to provide sustainable solutions for indoor agriculture enterprises and home practitioners. Our complete product line is available at specialty retailers throughout the United States, and via our website. Through its wholly-owned subsidiary Edible Garden, cultivates a premier brand of local and sustainably grown hydroponic produce, sold through major grocery stores such as Shoprite, Food Emporium and others throughout New Jersey, New York, Delaware, Maryland, Connecticut, and Pennsylvania. MediFarm LLC is focused on securing permits to operate medical cannabis businesses in Nevada.
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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.
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Released November 4, 2014