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.