Terra Tech sells Las Vegas retail cannabis shop for $6.2 million

One of the larger publicly traded marijuana companies in the United States announced the sale Thursday of one of its assets, a Nevada cannabis retail storefront, for $6.25 million.

Terra Tech sold a 3,900-square-foot shop – located just north of the Las Vegas strip – to Exhale Brands Nevada, according to a news release. The facility was opened by Terra Tech in 2015.

The sale “provides (Terra Tech) with additional resources to continue to fund and scale the business as it enters its next phase of growth,” CEO Derek Peterson said in the release.

The deal is expected to close within 90 days.

Here’s some other information of note:

  • The sale leaves Terra Tech with plenty of other holdings in the Nevada MJ market, including three other retail shops (two in Las Vegas and one in Reno) and a 30,000-square-foot cultivation facility in Sparks.
  • The company is also awaiting formal approval from regulators to start operations at a 15,000-square-foot extraction lab in Reno.
  • Terra Tech also has MJ industry holdings in California.

Peterson also noted that Nevada law allows only medical cannabis business license holders to apply for recreational MJ permits.

According to the release, Terra Tech plans to pursue “additional permits in new locations with better proximity to major tourist attractions in Las Vegas.”

Terra Tech trades on over-the-counter markets under the ticker symbol TRTC.

3 comments on “Terra Tech sells Las Vegas retail cannabis shop for $6.2 million
  1. Tony B. on

    I believe in Terra Tech, infact I purchased some more shares this morning. I really like the the staff at their dispensary in Reno they sell some exceptional product. I have lived in Las Vegas before and north of the Stripe in my opinion is not a good location. I feel that Terra Tech some day may be leading the pack across the country, I read some where that some day they want to be the Star Bucks of legal Marijuana.

    Reply
    • ian humphry on

      technically the strip runs north and south so either side would be east or west, however it does take a little bit of a turn past owens street and runs east a little out to nellis afb. they must be talking north of bonanza when they are saying north of the strip. grew up there, lived there for over 40 years. thought nevada would always be one of the very ;last to legalize as they were so hard on it when i was growing up. go to jail for a seed back in the day. nevada surprised me when they went full on rec. glad they did though. the feds need to just deschedule, (not reschedule) and just be done with it already. the benefits speak for itself. and as time goes on, there is more and more scientific evidence and data to back up what we already know.

      Reply
  2. ian humphry on

    this company also has a produce company that grows and distributes lettuce, etc, to walmart, etc so their not just a mmj company. i bought shares in this company, however, they,did do a reverse spit a while back which gave me less shares, but higher price per share. i think terra tech will be a major mover in the next 3 to 5 years

    Reply

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