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Home 🌿 Marijuana Business News 🌿 Irvine-based medical marijuana firm Terra Tech merges with Oakland dispensary 🌿Irvine-based medical marijuana firm Terra Tech merges with Oakland dispensary
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The subscription service is currently unavailable. Please try again later.Terra Tech, an Irvine-based marijuana agriculture company, will merge with Black Oak Gallery, a retail medical marijuana dispensary in Oakland.
The merger includes Blüm Oakland’s supply chain: an on-site cultivation facility, proprietary marijuana strains and a retail store front.
Blüm Oakland, which opened in 2012, has more than 42,000 registered customers and brought in around $14 million in revenue in 2015.
Derek Peterson, chief executive of Terra Tech, said in a statement the combined companies would touch “every aspect of the cannabis life cycle – from cultivation, to extraction, to branding, and now, with the acquisition of Blüm, to retail sale.”
The Terra Tech-Black Oak Gallery merger is expected to close at the end of March. Terms of the deal were not disclosed.
Terra Tech made headlines in 2014 when it got approval from the Securities and Exchange Commission to raise funds to build-out medical marijuana facilities.
The company, which has...
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