Terra Tech Corp. has announced that it’s selling its Blum Reno dispensary assets for $15 million.
A United States Securities and Exchange Commission form shows that Blum's assets will be sold to Picksy Reno, LLC, a Las Vegas-based company.
Blum Reno opened in January 2017 and sells medical and recreational marijuana from its facility located at 1085 South Virginia Street Suite A.
Terra Tech Corp. says the sale is part of a restructuring plan.
Derek Peterson, CEO of Terra Tech, commented, ''Selling the cannabis retail license for our Blüm Reno dispensary is another key milestone in our restructuring plan, a strategy that has been implemented to leverage our balance sheet to fuel growth, as opposed to approaching the capital markets more often than is necessary. Our Blüm dispensary in Reno has substantially increased in value since its opening and selling its assets allows the Company to strategically monetize this asset. To move forward with our restructuring strategy, we plan to redeploy the additional capital generated by this sale toward more productive assets in California in areas such as infrastructure and sales and marketing.”
Terra Tech anticipates the closing of the transaction within 90 days, pending all state and local jurisdictional approvals.
