Oakland, Nov. 11, 2014 (GLOBE NEWSWIRE) -- Terra Tech Corp (TRTC) is pleased to announce they have completed testing and formulating compounds at their cannabinoid extraction facility in Northern California and are now moving into production. The company will be producing a variety of oils, waxes and other mediums of concentrated cannabinoids
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. 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 and local medical marijuana laws(ordinances) in which they operate. This allows the company's executive team to transparently operate in the medical cannabis market.
In late October the company received a legal opinion from Henry G. Wykowski and Associates, a leading medical cannabis attorney in California structuring the methodology by which Terra Tech can participate in the legal cannabis market within the state. The company has a firm understanding of how to legally operate within the framework of state and local law.
"At the time the board decided to take this step we weighed the risks and rewards of making this move. As the industry matures we feel confident the regulatory bodies will appreciate a transparent operator who not only adheres to state and local laws, but that produces a safe and effective product to the highest standards," explains Derek Peterson, CEO of Terra Tech. "We have made a significant investment into our facility so that patients can have access to high quality medication, free of toxic residues and have confidence that it is produced utilizing the most advanced technology and processes available".
The company will be utilizing the medical cannabis permit held by company executives Derek Peterson and Salwa Ibrahim and will produce medication to be offered to the patient base associated with their collective. The company will announce their branding initiative and anticipates products to be available to patients by mid-December.
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. Terra Tech Corp.'s wholly-owned subsidiary Edible Garden cultivates a premier brand of local and sustainably grown hydroponic produce sold in major grocery stores such as Shoprite, Food Emporium and others throughout New Jersey, New York, Delaware, Maryland, Connecticut, and Pennsylvania. MediFarm, LLC has received eight provisional licenses from the State of Nevada and is continuing to secure final 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.