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Saturday, December 3, 2022

Terra Tech Corp (OTCMKTS: TRTC) Rising on Golden Leaf LOI

Terra Tech Corp (OTCMKTS: TRTC) is making an explosive move up after announcing they signed an LOI to merge with Golden Leaf Holdings Ltd. Whereby Golden Leaf will become a new subsidiary of Terra Tech. Golden Leaf boasts $20 million in assets and just announced quarterly revenues of US$5.1 million for Q3 2018, compared to US$3.1 million for Q3 2017.

The new Company will control 41 Permits Across Cultivation, Manufacturing, Distribution and Retail Spanning Oregon, California and Nevada, in Addition to 21 Pending Permit Applications in Multiple Jurisdictions Throughout the U.S. . As a condition of closing, Terra Tech will be required to list its shares on the CSE.

Terra Tech Corp (OTCMKTS: 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 Oakland, CA and multiple Nevada locations. IVXX, Inc. is a wholly-owned subsidiary of Terra Tech that produces cannabis-extracted products for regulated medical cannabis dispensaries throughout California and medical and adult-use dispensaries in Nevada. 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.

TRTC is led by Derek Peterson, “The Public Spokesperson for Medical and Legalized Marijuana” former Vice President at Morgan Stanley. He left Wall Street because he saw a huge opportunity in medical marijuana. His vision is setting up growing facilities in various states to grow herbs such as basil and thyme with plans to switch to Marijuana production as state laws permit.

Terra Tech has a strong footprint in Nevada. It currently operates its Blüm, Desert Inn Road and Blüm, Decatur Boulevard dispensaries, both of which are located in Las Vegas, as well as its Blüm Reno dispensary, in Northwest Nevada. The Company also recently purchased a retail property in downtown Las Vegas, located at 121 North Fourth Street, which it plans to convert into a Blüm retail dispensary. As owners of medical and adult-use cannabis business licenses in Las Vegas associated with these dispensaries, Terra Tech has the ability to apply for additional licenses based on its grandfather status. The company has two pending applications for additional retail permits in Las Vegas.

Terra Tech operates a 30,000 square foot cultivation facility in Sparks, Nevada and a 15,000 square foot extraction lab in Reno, Nevada, both of which it owns 50% in conjunction with NuLeaf. These facilities are driving a ramp in production of the Company’s proprietary, premium quality, IVXX-branded wholesale cannabis for the medical and adult-use markets.

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TRTC is doing big sales; Total revenues generated for the quarter ended June 30, 2018 were approximately $8.7 million, an increase of 11% from $7.8 million in the same period in 2017. This growth was due to revenue generated by the Company’s dispensaries in Nevada, and sales from its Blüm, Santa Ana dispensary in California, which was acquired in September 2017.

Last month TRTC announced the City of Santa Ana has granted its East Dyer Road, East Carnegie Avenue and South Tech Center Drive locations vertically-integrated Phase I permits. These permits allow the Company to commence development of cultivation, manufacturing and distribution capabilities at these locations. Moreover, upon completion of the build-out of each location’s facilities, they also confer upon the Company the right to apply for Phase II permits which are needed to commence commercial activities.

On November 18 TRTC announced it has signed a non-binding letter of intent to merge with Golden Leaf Holdings Ltd. (CSE: GLH) (OTCQB: GLDFF) a cannabis company with cultivation, production and retail operations built around recognized brands. Under the terms of the letter of intent, a wholly owned subsidiary of Terra Tech will amalgamate with Golden Leaf, with the resulting amalgamated corporation being a wholly owned subsidiary of Terra Tech. Consummation of the transaction is subject to a number of conditions, including entering into a mutually agreed definitive arrangement agreement, completion of due diligence, the waiting period for the Hart-Scott-Rodino Act, state and local regulatory approvals, approval by the Ontario courts, Terra Tech board approval, Golden Leaf receiving a positive fairness opinion, Canadian Securities Exchange (the “CSE”) approval and Golden Leaf shareholder and board approval.

The LOI provides that Golden Leaf shareholders will be entitled to receive 0.1203 common shares of Terra Tech for each common share of Golden Leaf held (the “Exchange Ratio”).  Terra Tech currently has 79.2 million shares outstanding. As a condition of closing, Terra Tech will be required to list its shares on the CSE.  Listing will be subject to satisfying all of the CSE’s requirements. Upon closing, Derek Peterson will remain in his position as CEO, with William Simpson to become President of the combined company. All references to currency are in U.S. dollars, unless otherwise indicated. There is no assurance that the transaction will be consummated on the terms outlined above or at all.

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Currently trading at a $135 million market valuation TRTC has $5.1 million in the treasury, $109 million in assets and huge revenues reporting $17.3 million in sales for the 6 months ended June 30, 2018 up from $14.6 million for the same period last year. TRTC is one of the original pot stocks on the OTCBB that has transitioned into a real mover and shaker in the cannabis in industry operating multiple subsidiary businesses including: Blüm dispensaries, IVXX Inc., Edible Garden, and MediFarm LLC. The acquisition of Golden leaf creates a new Company that will control 41 Permits Across Cultivation, Manufacturing, Distribution and Retail Spanning Oregon, California and Nevada, in Addition to 21 Pending Permit Applications in Multiple Jurisdictions Throughout the U.S. . It will also but result in TRTC listing its shares on the CSE. We will be updating on TRTC when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with TRTC.

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Disclosure: we hold no position in TRTC either long or short and we have not been compensated for this article.

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