Terra Tech Corp. Looks to Marijuana Legalization as a Catalyst for Growth
IRVINE, Calif.--(BUSINESS WIRE)-- Terra Tech Corp. (OTCBB: TRTC), a leader in sustainable agricultural products, sees the passing of Washington's and Colorado's Marijuana legalization initiatives as a milestone to ending the prohibition of cannabis as well as a potential boon for cannabis related businesses.
According to the Denver Post on the Colorado Amendment, "The amendment will allow those 21 and older to purchase up to one ounce of the drug at specially regulated retail stores. Adults could grow up to six marijuana plants at home."
Terra Tech focuses on the sale and distribution of specialty hydroponic equipment that can be used in the production of medical cannabis. Through its subsidiary GrowOp Technology Ltd they were one of the first openly cannabis friendly companies to come to market in early 2010. In February of 2012 GrowOp merged with Terra Tech Corp. a publicly traded urban agricultural company. Collectively the company is focused on both urban agriculture as well as the distribution of its indoor cultivation equipment through specialty retailers and online sites like egrow.com. GrowOp was initially featured for its 53' portable cultivation rooms, the BIG BUD, that the media dubbed "Weed on Wheels".
"The fact that voters voiced loudly that cannabis has a recreational application and deserves to be legalized speaks volumes to where our industry is headed," explains Derek Peterson CEO of Terra Tech. In addition, my home state of Massachusetts is becoming the 18th state to legalize cannabis for medical purposes. This is becoming a huge tipping point that opens up opportunities for entrepreneurs and investors as well as job seekers.
CNBC recently reported that the estimated revenues for manufacturing and equipment in the medical marijuana industry for 2010 are $150 million. In addition, the estimated size of the marijuana market if it were to be legalized in the U.S. is $14 billion according to the 2010 Cato Institute paper 'The Budgetary Implications of Drug Prohibition'. Legalization could yield some $8.7 billion in tax revenues and enforcement cost savings. The Seattle Times state financial experts estimate the new legalization could raise nearly $2 billion in tax revenue over the next five years, with the money going toward education, health care, substance abuse prevention and basic government services.
"This is an exciting time for us and the growth of our company," says Peterson. "This type of legalization opens up both new markets for us as well as broadens existing markets. Investors are looking to this type of progress to feel comfortable investing in companies within this space."
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About Terra Tech:
Through its wholly-owned subsidiary GrowOp Technology, Terra Tech Corp. 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. We work closely with expert horticulturists, engineers, and plant scientists to develop and manufacture advanced proprietary products for the fast-growing urban agricultural industry as well as individual hobbyists. Large companies, small urban farmers, home enthusiasts, and traditional greenhouse growers utilize our products. Our complete product line is available at specialty retailers throughout the United States, and via our website. Terra Tech Corp. was incorporated in July 2008 in the State of Nevada; its subsidiary GrowOp Technology was founded March 2010, in Oakland, California.
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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