Las Vegas, Dec. 4, 2014 (GLOBE NEWSWIRE) -- Terra Tech Corp. (TRTC) is pleased to update shareholders on its Nevada Medical Cannabis efforts. The company recently announced that MediFarm, MediFarm I, and MediFarm II, have all received provisional certificates from the State of Nevada in each local jurisdiction where they applied for a Medical Marijuana Establishment license. Collectively, these subsidiaries were issued a total of 4 Dispensary provisional certificates, 2 Cultivation provisional certificates and 2 Production provisional certificates spanning both Northern and Southern Nevada. Below is a summary of current status in each region:
City of Las Vegas Dispensary- MediFarm received a provisional registration certificate from the State of Nevada Department of Health and Human Services Division of Public and Behavioral Health on 11/3/2014. Subsequently, MediFarm submitted its Las Vegas Business License Application to the City of Las Vegas Department of Planning Business Licensing Division on 11/12/14. The application included documentation submitted to the Las Vegas Metro Police Department to initiate a second series of background checks for all owners of MediFarm. The Company is currently working with an architectural company and general contractor to design and ultimately submit final construction documents to the Las Vegas Building and Planning Departments for permitting. The company anticipates this process to take approximately 75 days. Once construction documents have been approved, MediFarm will begin construction. After completing construction and obtaining all required approvals and certifications from the local and state agencies, MediFarm will commence operations.
Clark County 2 Dispensaries, Cultivation and Production- MediFarm received four provisional registration certificates for 2 dispensaries, a cultivation and a production facility from the State of Nevada Department of Health and Human Services Division of Public and Behavioral Health on 11/3/2014. MediFarm also has received approval from the Clark County Department of Comprehensive Planning-Land Use Planning on June 25, 2014 for its cultivation and production facilities.
MediFarm has not yet received final approval from the Clark County Department of Comprehensive Planning-Land Use Planning for its two dispensaries and is awaiting a final determination from the Clark County Commissioners. The Clark County Commissioners voted to delay rendering a final determination 12/3/2014 due to litigation. Recently the company has been made aware that certain applicants in Clark County have filed a lawsuit naming the State of Nevada Department of Health and Human Services Division of Public and Behavioral Health as well as several other applicants. Terra Tech Subsidiary MediFarm was named but not yet served the lawsuit. For more info https://www.clarkcountycourts.us/Anonymous/default.aspx Case # A-14-710488C
This suit does not affect the company's Clark County cultivation or production permits or any of thecompany's initiatives in the other jurisdictions where it received provisional certificates.
The Company is currently working with an architectural company and general contractor to design and ultimately submit final construction documents to the Clark County Building and Planning Departments for permitting for all four facilities that have been issued provisional registration certificates from Nevada. Once we receive a determination from the Clark County Commission on final approval of our dispensary locations and after construction documents have been approved, MediFarm will begin construction on all premises that have been approved in Clark County. The company anticipates this process to take approximately 95 days, for the cultivation and production facilities, before construction begins. MediFarm will commence operations after completing construction and obtaining all required approvals and certifications from the local and state agencies.
Reno Dispensary- MediFarm I received a provisional registration certificate from the State of Nevada Department of Health and Human Services Division of Public and Behavioral Health on 11/3/2014. The Company is currently working to compile all the required documents necessary to submit a business license application to the City of Reno Business License Division. The Company is currently working with an architectural company and general contractor to design and ultimately submit final construction documents to the City of Reno Building, Planning and Engineering Division for permitting. The company anticipates this process to take approximately 80 days before construction begins. After completing construction and obtaining all required approvals and certifications from the local and state agencies, MediFarm I will commence operations.
Washoe County Cultivation and Production- MediFarm II received provisional registration certificates from the State of Nevada Department of Health and Human Services Division of Public and Behavioral Health on 11/3/2014. The Company is currently working to compile all the required documents necessary to submit a business license application to the Washoe County Business Department of Community Development. After completing construction and obtaining all required approvals and certifications from the local and state agencies, MediFarm II will commence operations. The company anticipates beginning construction within Q2 2015.
"The litigation in Clark County is potentially holding up opening our 2 dispensary locations and we will have to spend some effort navigating through the process. However, it is the cultivation and production facilities that take the most time to construct and a retail storefront is not needed until the Company is well into construction on those facilities. We were fortunate to receive approval in the City of Las Vegas for a retail dispensary and the Company is moving forward on that project. Even if Clark County decides not to approve any additional locations it appears that they will be left with only 10 storefronts. The State has said they will not issue any additional provisional certificates. This means either we get additional locations in the County or far less competition and greater potential market share for our City location," explains Derek Peterson, CEO of Terra Tech. "The Company is thrilled at the opportunity we have within the state. With our multiple permits, we have all the state's major markets covered regardless of what happens within Clark County. Our focus now is to aggressively work through the local administrative process and break ground as soon as possible. "
The Company will issue additional updates to investors in the near future as milestones are reached.
About Terra Tech
Terra Tech Corp. (TRTC) through its wholly-owned subsidiary GrowOp Technology, specializes in controlled environment agricultural technologies. The company integrates best-of-breed hydroponic equipment with proprietary software and hardware to provide sustainable solutions for indoor agriculture enterprises and home practitioners. Our complete product line is available at specialty retailers throughout the United States, and via our website. Through its wholly-owned subsidiary Edible Garden, cultivates a premier brand of local and sustainably grown hydroponic produce, sold through major grocery stores such as Shoprite, Food Emporium and others throughout New Jersey, New York, Delaware, Maryland, Connecticut, and Pennsylvania. MediFarm LLC is focused on medical cannabis businesses throughout Nevada.
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