City Council of San Leandro, CA Votes to Allow Adult Use Sales
IRVINE, CA / ACCESSWIRE / March 19, 2019 / Terra Tech Corp. (OTCQX: TRTC) ("Terra Tech") or (the "Company"), a vertically integrated cannabis-focused agriculture company, today announced that the City Council of San Leandro, CA voted last night to approve an ordinance for adult-use cannabis sales in the City of San Leandro. The ordinance is subject to a second reading which is scheduled to occur on April 1, 2019 and will go into effect on May 1, 2019. The ordinance would allow for existing medical dispensaries to sell cannabis to recreational users 21 years of age or older, starting May 1, 2019. The Company currently operates the only licensed medical cannabis dispensary open in the City at 1915 Fairway Drive San Leandro, CA, 94577.
Terra Tech's Blüm San Leandro dispensary has seen consistent medical foot traffic and a significant number of adult users, over 200 a week on average, have been turned away since the medical facility opened its doors on January 11, 2019. The Company is experiencing robust sales in San Leandro which is a prominent suburb city of San Francisco and Oakland, centered in the dynamic San Francisco Bay Area, with a vibrant community of more than 89,000 residents. The Company also has an extraction permit which was issued by the City of San Leandro.
Chief Executive Officer, Derek Peterson, said, "This ruling by the City Council of San Leandro brings us a step closer to serving the adult use market in that region. The Blüm, San Leandro medical cannabis dispensary opened in January this year, to strong demand, and we are excited to prepare for a ramp in sales. We are currently developing proprietary cannabis strains and genetics at our West Grand Avenue cultivation facility, which we plan to sell through our San Leandro dispensary under our IVXX® premium brand, and it is our expectation that, following the start of adult-use sales in May, the store will have the potential to generate a $5 million run rate."
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About Terra Tech
Terra Tech Corp. (OTCQX: TRTC) operates through multiple subsidiary businesses including: Blüm, IVXX Inc., Edible Garden, and MediFarm LLC. Blüm's retail and medical cannabis facilities provide the highest quality medical cannabis to patients who are looking for alternative treatments for their chronic medical conditions as well as premium cannabis to the adult-use market in Nevada and California. Blüm offers a broad selection of cannabis products including; flowers, concentrates and edibles through its multiple California and Nevada locations. IVXX, Inc. is a wholly-owned subsidiary of Terra Tech that produces cannabis-extracted products for regulated medical cannabis dispensaries throughout California. The Company's wholly-owned subsidiary, Edible Garden, cultivates a premier brand of local and sustainably grown hydroponic produce, sold through major grocery stores such as ShopRite, Walmart, Ahold, Aldi, Meijer, Kroger, Stop & Shop and others nationwide. Terra Tech's MediFarm LLC subsidiaries are focused on medical and adult-use cannabis cultivation and permitting businesses throughout Nevada.
For more information about IVXX visit: http://ivxx.com/
For more information about Blüm visit: http://letsblum.com
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For more information about Edible Garden visit: http://www.ediblegarden.com/
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KCSA Strategic Communications
SOURCE: Terra Tech Corp.