The city of San Leandro in California has granted Terra Tech Corp (OTCMKTS:TRTC) permission to go forth and open a new cannabis retail facility. The company can now work with city officials to design a facility on the 13, 000 square foot site off the 1911 Fairway Drive that meets San Leandro’s requirements.
New Retail Facility
With construction scheduled to begin early next year, Terra Tech expects the retail facility to go a long way in popularizing its products as the race for market share in the fast-growing Cannabis industry heats up.
“Thanks to the efforts of the City of San Leandro’s administration and staff we have the privilege of increasing Blüm’s retail footprint and developing a new facility where we can expand the IVXX product line,” said Derek Peterson Terra Tech CEO.
The opening of a new retail facility in California falls in line with the company’s push to grow the target market for its products in states that have already legalized medical marijuana. While the state is among the few that currently allow marijuana use for medical purposes, the company’s efforts could receive a major boost next week with more states expected to vote on the same.
California and Colorado will, however, continue to act as major markets for the company’s products even as other states move a step closer to legalizing the plant for medicinal purposes. California residents are also poised to vote on November 8 on whether to legalize recreational use of the federally prohibited plant, which if approved, could further expand Terra Tech target market.
Meanwhile, Terra Tech has entered into a securities purchase agreement with an accredited investor for the sale of a 12% Senior Convertible Promissory Note. Devoid of fees or expenses, the transaction is to inject $7 million into the company’s operations with the Note Due on April 28, 2018.
Separately Terra Tech Corp (OTCMKTS:TRTC) will release its third quarter result on November 9, 2016, once the market closes.