Terra Tech Corp. (OTC:TRTC) operates through multiple subsidiary businesses including: Blüm, IVXX Inc., Edible Garden, and MediFarm LLC.
Terra Tech just announced today 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.
The NuLeaf team has operated BPG cannabis dispensary in Berkeley, CA for years.
TRTC aims 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 free of toxic pesticides, harmful molds and chemical residues.