Terra Tech Subsidiary, GrowOp Tech, Expands Into the Washington Medical Cannabis Market
IRVINE, Calif.--(BUSINESS WIRE)-- Terra Tech Corp. (OTCBB: TRTC), a leader in urban agricultural technology, along with their medical cannabis equipment manufacturing and distribution subsidiary, GrowOp Technology Ltd., announced today the opening of a new location in Seattle, WA. The expansion into Washington State is a strategic move designed to benefit from Washington's Initiative 502 on marijuana reform, which passed on the November 2012 general ballot. This measure removes state-law prohibitions against producing, processing and selling marijuana.
"As legalization expands across the nation, we will continue to move into markets that show promise of growth for the industry. GrowOp Tech is revolutionizing the production of medical cannabis and Washington State represents a significant opportunity for us to expand our distribution and sales network within a market that we expect to grow exponentially over the next few years," says Derek Peterson, CEO of Terra Tech.
Terra Tech believes that it can achieve increased sales, enhanced brand awareness as well as business stability by entering Washington State more aggressively with a local presence. The company's strategy involves a thorough analysis of potential clientele, competition, barriers to entry and overall market opportunity throughout the Washington area. Trade journal, Medical Marijuana Business Daily, says the $1.5 billion legal cannabis market could reach $6 billion by 2018. GrowOp Tech believes Washington and Colorado are at the very forefront of that rapid growth. The office is located at 1700 7th Avenue, Suite 2100, Seattle, WA 98101.
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 (iv) 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.
Terra Tech Corp.
Lindsay Wiemer, 855-447-6967 ext 703
Independence Financial Ltd.
Bill Clayton, 480-414-1897 (Direct)
KEYWORDS: United States North America California Washington
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