California-based Terra Tech Corp. is in the process of acquiring SilverStreak Solutions, a direct-to-consumer marijuana delivery company based in Sacramento.
Terra Tech believes the acquisition will help the company expand its delivery and distribution across California, according to a news release.
Terms of the deal, which is expected to close in 90-120 days, were not disclosed. Terra Tech did not respond to MJBizDaily requests for more details.
The Silverstreak acquisition comes three months after Terra Tech finalized a deal to acquire West Coast marijuana multistate operator Umbrla. Umbrla, which does business as Unrivaled, includes multiple marijuana brands in its portfolio.
“We believe the synergies with Unrivaled’s existing brand portfolio and distribution operation makes enormous economic and operational sense,” Terra Tech CEO Frank Knuettel II said in the release.
According to the release, Terra Tech will receive a fleet of 22 vehicles and approximately 42,000 monthly customers in the 100-mile radius in which SilverStreak currently operates.
SilverStreak CEO Sterling Harlan is expected to consult with Terra Tech for six months after the deal closes. During that time, he’s expected to help with the transition.
Terra Tech also owns two retail stores and a cultivation facility in California as well as a cultivation and manufacturing plant in Nevada.
Terra Tech trades on the over-the-counter markets as TRTC.