How Long It Takes To Get Registered At Blum Oakland

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Terra Tech and Blum Announce Definitive Merger Agreement

Company acquires i of California'south highest-volume medical cannabis dispensaries

NEWPORT BEACH, Calif., Jan. 12, 2016 /PRNewswire/ — Terra Tech Corp. (OTCQX: TRTC) ("Terra Tech" or the "Visitor"), a vertically-integrated, cannabis-focused agriculture visitor, today appear a definitive merger agreement under which Terra Tech will larn 100% of the outstanding shares of Black Oak Gallery, DBA: Blum Oakland, an established, retail medical cannabis dispensary in Oakland, CA.

Blum Oakland, which holds over 42,000 registered patients, has been operating since Nov 2012 and services close to ane,000 patients each day. The acquisition includes Blum's fully integrated supply chain, which consists of a sophisticated onsite cultivation facility, its portfolio of proprietary strains, as well as its high volume retail storefront. Trailing 12-calendar month non-GAAP revenue for Blum Oakland is over $xiv meg, which tracks the acquirement reported by Blum Oakland in its associated sales tax and marijuana tax reporting and payments.

"Today, we can proudly claim the title of the only US-based, publicly-traded company that touches every aspect of the cannabis lifecycle—from tillage, to extraction, to branding, and now, with the acquisition of Blum, to retail sale," said Derek Peterson, CEO of Terra Tech. "In improver to enhancing our cash-flow, this merger positions united states to capitalize on the new regulatory mural in California, which will change significantly with the implementation of the Marijuana Regulation and Safety Act in 2016. The new legislation, which more strictly regulates the medical marijuana manufacture, should both reduce our competition and increment our total addressable market place. In addition, the new legislation allows companies to operate on a for-profit basis. As well, California'south pursuit to legalize adult use cannabis is gaining significant traction and support past major stakeholders in the country. This merger with Blum strategically enables united states to take advantage of the regulatory changes and to maximize value for Terra Tech stockholders."

"We have always prided ourselves on working with those at the forefront of the legal cannabis industry and this new partnership with Terra Tech is an exciting step forward for the Blum team," commented Salwa Ibrahim, Executive Director of Blum. "I have been fortunate to piece of work with Terra Tech over the past couple of years, primarily in securing the Nevada permits. It is our hope that we can continue to secure permits and to develop sustainable only successful operations in new markets opening up. We're looking forward to bringing together the core teams of both companies and finding other capable operators in this growing industry to join with as nosotros continue to further our business strategy."

Upon completion of the merger, full general terms of which are detailed below, Terra Tech stockholders will own 100% of the combined company.

The purchase price of Blum Oakland is 1.v times forward-looking revenue for the 12 months post-obit the closing of the merger. To protect stockholders, 80% of the equity will be held in escrow subject to performance adjustments at the end of the 12-calendar month term. The predictable closing date for the merger is not later than March 31, 2016. Blum Oakland and all of its shareholders are obligated to close the merger by that date, while Terra Tech retains the choice to cancel the merger through March 1, 2016, awaiting further due diligence. Terra Tech volition file its Current Report on Form 8-K outlining the formal terms of the merger and related disclosure inside the required fourth dimension frames after closing.

"As nosotros continue to develop our long-term strategy in Nevada, it has ever been our goal to besides focus on nigh-term acquisitions that take immediate value to our stockholders," explains Mike Nahass, Manager of Terra Tech. "For this transaction, most of the merger payments are to be made in Terra Tech stock and we are valuing the bargain on a forrad looking basis. This construction ensures that Terra Tech volition just pay for the performance it realizes in the coming twelvemonth. In add-on, if Blum Oakland achieves all of its sales benchmarks, the number of our shares should only increase by roughly 60% but our expected total revenue is expected to grow by over 175%. Nosotros believe this is an extremely accretive transaction not only for Terra Tech but besides for our stockholders, as we go on to successfully execute on our business strategy."

Almost Terra Tech

Terra Tech Corp. (TRTC), 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, Walmart, Krogers, and others throughout New Bailiwick of jersey, New York, Delaware, Maryland, Connecticut, Pennsylvania, and the Midwest. MediFarm LLC is focused on medical cannabis businesses throughout Nevada. IVXX LLC is a wholly-endemic subsidiary that produces medical cannabis-extracted products for regulated medical cannabis dispensaries throughout California. GrowOp Technology is a wholly-endemic subsidiary that specializes in controlled surround agricultural technologies.

To be added to the Terra Tech e-mail distribution listing, please e-mail TRTC@kcsa.com with TRTC in the discipline line.

For more than information about Terra Tech Corp, visit: http://www.terratechcorp.com/
For more information about IVXX, visit: http://ivxx.com/
Visit us on Facebook @https://www.facebook.com/terratechcorp/timeline
Follow usa on Twitter @terratechcorp
Follow us on Instagram @socal_IVXX
For more information virtually Edible Garden, visit: http://world wide web.ediblegarden.com/
Visit Edible Garden on Facebook @https://world wide web.facebook.com/ediblefarms?fref=ts
Visit IVXX on Facebook @https://www.facebook.com/ivxxbrand?fref=ts

Cautionary Linguistic communication Concerning Frontwards-Looking Statements

Statements in this press release may exist "forward-looking statements" within the meaning of the Private Securities Litigation Reform Human activity of 1995. Words such as "anticipate", "believe", "estimate", "await", "intend", and similar expressions, every bit they relate to the Company or its management, identify forrad-looking statements. These statements are based on current expectations, estimates, and projections about the Company'south business, based, in role, on assumptions made past management. These statements are not guarantees of future operation and involve risks, uncertainties, and assumptions that are difficult to predict. Therefore, bodily 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 fourth dimension to time in Terra Tech Corp.'southward filings with the Securities and Substitution Commission. In addition, such statements could exist affected by risks and uncertainties related to Terra Tech Corp.'s (i) ability to complete the prospective merger with Blum and integrate Blum into the operations of Terra Tech Corp., (ii) product need, market place and customer acceptance of its products, (iii) ability to obtain financing to expand its operations, (iv) ability to attract qualified sales representatives, (v) competition, pricing and development difficulties, (half dozen) ability to conduct operations if there are changes in laws, regulations or authorities policies related to cannabis, (7) ability to conduct operations if affliction, insects or mites affect Terra Tech Corp.'south products and (viii) full general industry and market weather and growth rates and general economic conditions. Whatever forward-looking statements speak only as of the date on which they are fabricated, and the Company does not undertake any obligation to update whatever forward-looking statement to reverberate events or circumstances later on the engagement of this release. Information on Terra Tech Corp.'south website does non constitute a office of this release.

Contact

Philip Carlson / Elizabeth Barker
KCSA Strategic Communications
TRTC@kcsa.com

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/terra-tech-and-blum-announce-definitive-merger-understanding-300202516.html

SOURCE Terra Tech Corp.

Released January 12, 2016

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