CALIFORNIA: Derek Peterson may soon become the first CEO of a public company that cultivates, distributes and sells marijuana.
Terra Tech Corp., based in Irvine, California, won approval last week from the Securities and Exchange Commission to raise $6.8 million to build and operate medical marijuana operations in Nevada, where the company secured preliminary approvals.
The company will seek to raise about $7 million more later in the year, Peterson said.
The company’s MediFarm division, which plans to grow, distribute and sell marijuana in Reno, Las Vegas and other parts of the state, has blazed new ground in the on-going debate over marijuana legalization by gaining acceptance from a federal agency, the SEC, which is tasked with safeguarding public markets and investors. The federal government, after all, still considers marijuana to be as dangerous as heroin or LSD.