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Irvine-Based Medical Marijuana Firm Terra Tech Merges With Oakland Dispensary

Robert Celt

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Terra Tech, an Irvine-based marijuana agriculture company, will merge with Black Oak Gallery, a retail medical marijuana dispensary in Oakland.

The merger includes Blüm Oakland's supply chain: an on-site cultivation facility, proprietary marijuana strains and a retail store front.

Blüm Oakland, which opened in 2012, has more than 42,000 registered customers and brought in around $14 million in revenue in 2015.

Derek Peterson, chief executive of Terra Tech, said in a statement the combined companies would touch "every aspect of the cannabis life cycle — from cultivation, to extraction, to branding, and now, with the acquisition of Blüm, to retail sale."

The Terra Tech-Black Oak Gallery merger is expected to close at the end of March. Terms of the deal were not disclosed.

Terra Tech made headlines in 2014 when it got approval from the Securities and Exchange Commission to raise funds to build-out medical marijuana facilities.

The company, which has been publicly traded since 2012, also was granted provisional certificates from Nevada to operate dispensaries, cultivation and production facilities in the state.

Peterson said the support from the SEC could be an encouraging sign to anyone thinking of joining the marijuana industry.

Terra Tech was incorporated in Nevada in 2008. The company has been based in Irvine since 2011.

Marijuana is illegal at a federal level, but medical marijuana is legal in 23 states. Recreational marijuana is legal in four states, Alaska, Oregon, Colorado and Washington and the District of Columbia.



News Moderator: Robert Celt 420 MAGAZINE ®
Full Article: Irvine-Based Medical Marijuana Firm Terra Tech Merges With Oakland Dispensary
Author: Hannah Madans
Contact: The Orange County Register
Photo Credit: Ed Crisostomo
Website: The Orange County Register
 
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