Terra Tech pays $6.3 million to settle Nevada marijuana claim

Terra Tech, a California-based cannabis operator, agreed to pay $6.3 million to settle a lawsuit that alleged the company siphoned money from a Nevada dispensary for its other ventures.

The February settlement, reported Thursday by the Reno Gazette Journal, stemmed from a lawsuit filed last year by Heidi Loeb Hegerich, a businesswoman who co-owned the Blüm dispensary in Reno.

Hegerich also claimed Terra Tech didn’t properly audit the joint venture, attempted to remove her as dispensary manager and filed a false report to the Securities and Exchange Commission.

Terra Tech, which trades on the over-the-counter market under the ticker symbol TRTC, disclosed the settlement in its quarterly SEC filing but did not admit any liability.

According to the regulatory filing:

  • Terra Tech agreed to purchase Hegerich’s 50% interest in MediFarm I, which owned the Blüm dispensary, and the building housing the dispensary.
  • Terra Tech agreed to purchase Hegerich’s 15% interest in another entity called MediFarm II.
4 comments on “Terra Tech pays $6.3 million to settle Nevada marijuana claim
  1. Briar Patch on

    great news for trtc. they had been trying to buy her out for quite some time. the lawsuit was her attempt to “up” the price. lol, she failed

    Reply
  2. Debbie on

    Terra Tech also did a reverse split on its customers stock. For example I had 500 stock and now I have 15. This is down right theft. I reported it and the response said something like well at least we got rid of some of the common stock! I said what! … I expect this company to have one lawsuit after another due to bad business practices. Their profit should go back to paying off people like in the lawsuit mentioned and its stockholders. Finally TRTC pay back time.

    Reply
  3. Jennifer A. on

    I am a current stockholder of Terra Tech. I would also like to mention after the reverse split the shares have TANKED! I have lost so much after the split and have not seen ANY recovery! I also have reached out to Terra Tech with concerns but to no avail, no response! I am on the sidelines on selling my share and am unsure of the future of this company! I know I am not the only one who has the same feelings on this!

    Reply

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