Late last week Irvine, California based Terra Tech Corp was given approval from the Securities and Exchange Commission to use $6.8 million it rose earlier this year to build and maintain medical marijuana operations in Nevada. For those not familiar with marijuana stock regulatory environment, this is massive news. After a year where the ‘marijuana index’ shot to the stars before eventually falling back to grace, and big name companies ticker being halted, the SEC is not a big fan of the marijuana sector.
Terra Tech has been publicly traded since 2012 and operates in multiple states. CEO, Derek Peterson said the company “plans to raise another $13 million in 2015.” Most of the money will be dedicated to growing and selling medicinal marijuana under it’s MediFarm brand in California, New York, and Nevada. While no licenses have been given out in New York, Terra Tech was granted provisional licenses to cultivate, dispense, and produce (edibles, concentrates) in Nevada.
“This gives them more faith that no one is going to stop the industry’s growth,” he said. “It means a greater access to capital for companies that are growing in this space. This bodes well for these companies.”
(TerraTech Corp CEO – Derek Peterson)
Terra Tech has been headquartered in Irvine, CA since 2011, while incorporating in Nevada in 2008. Their other business lines include various hydroponic grow systems, including a grow facility mobilized in a 53-foot semi trailer.