Oakland, Oct. 2, 2014 (GLOBE NEWSWIRE) -- Terra Tech Corp (TRTC) is pleased to announce they have begun extracting, testing and formulating compounds at their cannabinoid extraction facility in Northern California. In March of this year the company announced they are developing a research and industrial extraction facility focused on the medical cannabis market. The facility was built in response to what the company views as an increase in demand for high grade CBD as well as other cannabis extracts. At the core of the facility is a custom, 20 liter, 5,000 PSI supercritical CO2 extractor from Eden Labs. This piece of equipment utilizes CO2 as a solvent, which is superior because it is non-flammable and non-toxic, mitigating negative environmental impacts as well as several safety concerns that have been associated with butane extraction.
On September 9, 2014 the company's Board of Directors unanimously voted to allow the company to engage in the production, extraction and retail sale of medical cannabis if done so in full accordance with the state's medical marijuana laws in which they operate. The decision was made in advance of Nevada's November 5th medical marijuana permit announcements. This allows the company's executive team to transparently operate in the medical cannabis market.
"The company and its Board of Directors have spent countless hours weighing the risks and rewards of being directly involved in the production of medical cannabis. We have seen many companies benefiting from the industry through consulting agreements, leases, and licensing arrangements; however at the end of the day they are still profiting from the production of the plant. As a group we have made the collective decision to be transparent in our involvement in an effort to do what's best for our shareholders and to elevate the industry, doing our part in pushing for legalization. As the industry develops so does the need for best practices, protocols and processes. Patients deserve access to quality products, produced with the highest standards by the best personnel and equipment available. Our intention is to provide just that," explains Derek Peterson, CEO of Terra Tech. "We will begin by operating our extraction lab, producing oils and other forms of cannabis extracts for patients throughout the California market. In addition, if we are successful in obtaining a permit to operate a MME within Nevada, our team will manage these facilities to the same high standards."
The company will be testing extraction methods and formulations over the next several weeks. Terra Tech's counsel is making certain they comply with all local and state regulations in every market before offering products to patients. The company will provide additional updates as the business develops and as regulatory compliance is met.
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 securing permits to operate medical cannabis businesses in Nevada.
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Cautionary Language Concerning Forward-Looking Statements
Statements in this press release may be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "anticipate", "believe", "estimate", "expect", "intend" and similar expressions, as they relate to the company or its management, identify forward-looking statements. These statements are based on current expectations, estimates and projections about the company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and those risks discussed from time to time in Terra Tech Corp.'s filings with the Securities and Exchange Commission. In addition, such statements could be affected by risks and uncertainties related to Terra Tech Corp.'s (i) product demand, market and customer acceptance of its equipment and other goods, (ii) ability to obtain financing to expand its operations, (iii) ability to attract qualified sales representatives, (iv) competition, pricing and development difficulties, (v) ability to integrate GrowOp Technology Ltd. into its operations as a reporting issuer with the Securities and Exchange Commission, and (vi) general industry and market conditions and growth rates and general economic conditions. Any forward-looking statements speak only as of the date on which they are made, and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release. Information on Terra Tech Corp.'s website does not constitute a part of this release.
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Source:Terra Tech Corp.