Terra Tech moves forward
Terra Tech Corp., a vertically integrated cannabis-focused agriculture company, has made a convertible loan to NuLeaf Sparks Cultivation LLC, and a convertible loan to NuLeaf Reno Production LLC, both of which will automatically convert to 50 percent ownership of the NuLeaf entities upon approval by the State of Nevada.
The joint venture is expected to fast track Terra Tech’s cultivation and production facilities. NuLeaf Sparks is in the process of constructing an approximately 30,000-square-foot cannabis cultivation facility in Sparks, while NuLeaf Reno is in the process of constructing an approximately 15,000-square-foot cannabis production facility in Reno. Both facilities are expected to be completed in the fourth quarter of 2017.
Terra Tech signed a non-binding letter of intent to buy NuLeaf Sparks and NuLeaf Reno on Aug. 30.
Terra Tech will also have access to distribute cannabis products to NuLeaf’s Lake Tahoe and Las Vegas dispensaries. Cannabis produced at the NuLeaf cultivation and production facilities will also supply Terra Tech’s three Blüm dispensaries in Las Vegas and its Blüm Reno dispensary, as well as third party dispensaries across the State of Nevada.
Ernest Packaging Solutions has leased 133,108 square feet at Dermody Properties’ LogistiCenter at 395 Phase II, Building 1, leaving 47,952 square feet still available.