Terra Tech selling Nevada cannabis dispensary

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California-based Terra Tech is selling its Blüm Reno dispensary, which was the subject of a lawsuit earlier this year, for $15 million.

In February, Terra Tech agreed to pay $6.3 million to settle a lawsuit that alleged the company siphoned money from the Blüm dispensary for other ventures.

Terra Tech is selling the dispensary to Picksy Reno, according to a U.S. Securities and Exchange Commission filing.

Blüm Reno began operating in January 2017. It provides cannabis products to local medical and adult-use markets.

Derek Peterson, CEO of Terra Tech, said in a release that selling Blüm is a “keystone in our restructuring plan.”

Terra Tech expects the sale to close within 90 days, pending all state and local jurisdictional approvals.

The company trades on the over-the-counter markets under the ticker symbol TRTC.

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