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Home 🌿 Marijuana Business News 🌿 Marijuana moves from the black market to the stock market 🌿Marijuana moves from the black market to the stock market
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The subscription service is currently unavailable. Please try again later.Merger brings California dispensary under public ownership
Selling pot is no longer a private deal.
Terra Tech TRTC, +23.06% a cannabis-focused agriculture company, announced its acquisition of the California-based Blum Oakland dispensary on Tuesday. The merger marks the first time a fully integrated company that is directly involved with the production, extraction and sale of cannabis can be publicly traded. Cannabis-related companies are mostly listed on OTC markets — and some have been added to the Nasdaq — however they are mostly ancillary businesses that don’t deal directly with the product.
Though marijuana is federally illegal, medical marijuana has been legalized in 23 states and recreational cannabis has been legalized in four states and the District of Columbia.
The dispensary — which brought in slightly less than $15 million in revenue in 2015 — has about 48,000 registered patients and sees nearly 1,000 patients a day, according to Terra...
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