Terra Tech Corp (OTCMKTS:TRTC) reported a major development, confirming that its Nevada-based medical cannabis dispensary has received its final business license approval from the Las Vegas City Council.
Permits in place
Following this approval, the company has all the relevant permits by the City of Las Vegas in place to commence its medical cannabis dispensary. However, the company would need the final issuance of the State Registration Certificate from the State of Nevada. The same is expected to be released by the State of Nevada after completion of its operations inspection. Meanwhile, Terra Tech has already planned a grand opening of the dispensary, which is scheduled to be held on April 20, 2016.
The company’s CEO, Derek Peterson, expressed happiness over the receipt of the business license. He is confident of the immense opportunities that are available in Nevada’s Medical cannabis market and sees the opening of the dispensary as a key factor to bolster the company’s growth.
Pre-filled cartridge launch
Apart from this development, Terra Tech recently launched a new line of its IVXX-branded pre-filled medical cannabis cartridges. The company has been able to gain its first order for 10,000 units of these pre-filled cartridges from a distributor, the order value of which is close to $170,000.
After this launch, the company plans to extend its portfolio through several other launches in the ensuing months. Moreover, the future cartridge lines are expected to have a varying percentage of cannabinoids.
Currently, the company is offering Indica, Hybrid and Sativa stains of cartridge lines. The product has been lab-tested and met the highest standard of purity and potency. With this launch, the company is confident that the market for pre-filled vaporizer is promising, and the launches are strategically lined up to gain the most of the advantage from the market demand.
The stock of Terra Tech surged by nearly 19% to $0.373 during the previous session.