One of the bigger publicly traded marijuana corporations within the United States introduced the sale Thursday of considered one of its belongings, a Nevada cannabis retail storefront, for $6.25 million.
Terra Tech bought a three,900-square-foot shop – situated simply north of the Las Vegas strip – to Exhale Brands Nevada, in line with a information launch. The facility was opened by Terra Tech in 2015.
The sale “provides (Terra Tech) with additional resources to continue to fund and scale the business as it enters its next phase of growth,” CEO Derek Peterson stated within the launch.
The deal is predicted to shut inside 90 days.
Here’s another info of observe:
- The sale leaves Terra Tech with loads of different holdings within the Nevada MJ market, together with three different retail outlets (two in Las Vegas and one in Reno) and a 30,000-square-foot cultivation facility in Sparks.
- The firm can also be awaiting formal approval from regulators to start out operations at a 15,000-square-foot extraction lab in Reno.
- Terra Tech additionally has MJ business holdings in California.
Peterson additionally famous that Nevada regulation permits solely medical cannabis enterprise license holders to use for leisure MJ permits.
According to the discharge, Terra Tech plans to pursue “additional permits in new locations with better proximity to major tourist attractions in Las Vegas.”
Terra Tech trades on over-the-counter markets underneath the ticker image TRTC.