Terra Tech, Golden Leaf sign intent to merge operations for $125 million

Terra Tech Corp., a California-based, vertically built-in hashish firm, introduced Monday that it has signed a nonbinding letter of intent to merge with Toronto-based Golden Leaf Holdings.

If the deal is consummated, Golden Leaf shareholders would obtain zero.1203 widespread shares of Terra Tech for every widespread share of Golden Leaf held, valuing the deal at roughly $125 million, in accordance to a joint information launch.

Under the phrases of the letter of intent, Golden Leaf would merge with an unnamed, wholly owned subsidiary of Terra Tech to create a brand new wholly owned subsidiary.

The new entity would management 41 cultivation, processing, distribution and retail licenses in California, Nevada and Oregon.

Terra Tech additionally would achieve entry to the Canadian market by means of the deal.

Here are extra particulars from the letter of intent:

  • Completion of the transaction is topic to a variety of circumstances, together with due diligence, a definitive settlement and numerous regulatory and company board and shareholder approvals.
  • Terra Tech CEO Derek Peterson would function CEO of the merged entity, whereas Golden Leaf CEO William Simpson would grow to be president of the mixed firm.
  • Golden Leaf trades on the Canadian Securities Exchange (CSE) beneath the ticker image GLH and on the over-the-counter enterprise market as GLDFF.
  • Terra Tech, which trades on the U.S. over-the-counter markets as TRTC, would record its shares on the CSE.

Peterson and Simpson talked earlier this yr concerning the want to construct their corporations amid the heightened tempo of consolidation within the hashish business.

Terra Tech operates by means of a number of subsidiaries, together with Blum, IVXX, Edible Garden and MediFarm in California and Nevada.

Golden Leaf is understood for its Chalice Farms dispensaries in Oregon.

Categories: Briefs, Canada Marijuana News, International Marijuana Business News, Sales, Funding & Banking News, United States



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