Terra Tech Signs LOI To Acquire Cannabis Cultivation & Production Facilities In Nevada

CALIFORNIA: Terra Tech, a vertically integrated, cannabis-focused agriculture company, announced that it has signed a non-binding letter of intent to acquire 50% of NuLeaf Sparks Cultivation LLC and NuLeaf Reno Production LLC. The acquisition is expected to fast track Terra Tech’s cultivation and production facilities allowing them to introduce their IVXX wholesale brand as well as support increasing demand for cannabis products throughout Nevada.

NuLeaf Sparks holds a Nevada medical cannabis cultivation license and is in the process of constructing a 30,000 square foot cannabis cultivation facility in Sparks, Nevada. NuLeaf Reno holds a Nevada medical cannabis production license and is in the process of constructing a 15,000 square foot cannabis production facility in Reno, Nevada. Both facilities are expected to be completed by the fourth quarter of 2017.

Derek Peterson, CEO of Terra Tech, commented, “This partnership will allow us to rapidly increase our time to market without needing to invest vast amounts of time or capex into establishing cultivation and production capabilities from scratch. The NuLeaf team, which has operated BPG cannabis dispensary in Berkeley, CA, has been a premier vertically integrated supplier in California for over two decades. Our combined experience positions us to be a dominant force throughout Nevada. We aim to close the transaction in Q3 2017 and to start generating revenues from cannabis produced at the joint facilities by the end of the year. Cannabis grown at these facilities will be harvested under the safest conditions, free of toxic pesticides, harmful molds and chemical residues in order to meet the high standards associated with our IVXX brand. The new cultivation and production facilities will supply our three dispensaries in Las Vegas, as well as our Reno dispensary, and third party dispensaries across the State of Nevada.”

Tim Schick, president and CEO of NuLeaf, commented, “We are excited to enter into this partnership with Terra Tech, which is one of the most well-known and reputable operators in Nevada’s burgeoning cannabis market. The legalization of cannabis in Nevada has opened a major opportunity for companies to develop and introduce brands to a global market. Terra Tech’s seasoned team combined with our significant industry experience should give us a solid first mover advantage with brand penetration in the Nevada market and we are excited to move forward with this transaction.”

The proposed transaction is subject to customary closing conditions, including both parties completing due diligence and obtaining any approvals from applicable state and local authorities. The closing is conditional on negotiating final agreements in addition to the other closing conditions. Assuming completion of these conditions, the transaction is expected to close in the third quarter of 2017.

Medical Marijuana’s Big Break: “I Don’t Think He Ever Wanted To Touch This Issue”

NEW YORK:  A little more than a week ago — and to a degree of fanfare that would’ve been unimaginably piddling if it were as little as five years ago — New York Gov. Andrew Cuomo signed a bill into law making limited forms of medicinal marijuana legal in the Empire State.

And yet while such a move looks a bit pedestrian now that Colorado and Washington are well into their experiment with legal marijuana, it would be a mistake to assume the bill’s passage in New York is inconsequential. When it comes to major political and cultural change like ending prohibition, the hardest step is often the first.

Hoping to get an inside view into the bill’s passage, its likely effects, and why Gov. Cuomo resisted signing it for as long as he did, Salon called up Evan Nison, co-founder and director of NY Cannabis Alliance and director for the East Coast Cannabis Division of Terra Tech. Our conversation is below and has been edited for clarity and length.

As limited as the bill is, do you still consider it a win?

I consider the law a win, absolutely. This is gonna help hundreds if not thousands of patients in New York. Also, this is a step forward. New York is now the 23rd medical marijuana state. The movement within New York, the marijuana law reform movement within New York, can now all focus together on both implementing this law and broader legalization and regulation for adults over 21. So this gets us out of this sort of holding pattern that we’ve been in in New York.