Terra Tech Subsidiary, MediFarm, Announces Clark County Preliminary Dispensary Results
CNBC | JUNE 9, 2014
Terra Tech Corp (TRTC)(the “Company”), a hydroponic company focused on sustainably grown produce and medical cannabis cultivation technology announces Clark County preliminary dispensary results. After 2 days of hearings, the company’s subsidiary, MediFarm, was not selected as one of the 18 applicants to operate a medical cannabis dispensary within unincorporated Clark County. Competition was significant as there were 18 slots for 79 applicants, some of those competing were some of Las Vegas’s most notable and influential residents. MediFarm made it through the initial rounds only to be eliminated in the at-large round. The Company thanks the Commissioners who committed their time to work through this process and who created these opportunities for the applicants.
Salwa Ibrahim, MediFarm Executive Director stated, “While we are disappointed with the results it was a great learning experience and it allows us to refine our approach and process for other upcoming opportunities within Nevada.”
In a procedural move, commissioners “trailed” the 61 applicants who were not selected as the final 18. That allows the county to bring the applicants forward for consideration if cities in Clark County do not move forward with approval of medical marijuana dispensaries allowed within their boundaries. In addition the Company plans to move forward with the state application for their 2 locations within unincorporated Clark County in the event there is any change in process or rules that could make the company eligible.
Moving forward the Company intends to apply for production and cultivation permits within Clark County, North Las Vegas and Reno as well as dispensaries in Clark County, Reno and the City of Las Vegas. The company believes in their approach and has confidence in their competitive advantage when it comes to cultivation.
Terra Tech has recently become aware of libelous statements made through multiple online sources. In particular a Seeking Alpha article written by an anonymous author, who admits to being short the company’s stock. The article makes numerous misrepresentations with respect to the company, its directors and officers. Terra Tech has already identified at least one individual responsible for the false statements made to the Clark County commissioners regarding Terra Tech as Norman Gates aka “@LaughinPaulRyan”, and has retained counsel to pursue him and anyone affiliated with, encouraging, or directing, his activities to the fullest extent permitted by law. These individuals or groups emailed county officials what the Company believes is false and misleading information in an attempt to affect the outcome at the Clark County hearings.
“We believe this had an effect on the success of our application. The timing was curious as many emails were sent and the article came out at a time when the hearings were in progress and the county commission was under a cone of silence which did not allow us an opportunity to defend against or respond to the allegations,” explains Derek Peterson, CEO of Terra Tech. “We take these claims very seriously and are currently exploring all of our options for relief. In addition we believe this to be part of a larger orchestrated effort to short Terra Tech’s stock so individuals can illegally profit from the company’s decline. We are in the process of alerting the authorities and regulatory bodies about the events. We recently announced full year 2014 guidance of $7 million in revenue and these baseless allegations in no way changes that guidance and the very real tangible strides we are making to build core elements of our business. We believe that we have a tremendous opportunity ahead in the medical cannabis sector and we remain pleased with the rapid growth that our Edible Garden subsidiary has experienced in their customer base throughout the first part of the year. We remain dedicated to executing on our business plan and look forward to updating investors on new significant milestones for the Company as the quarter and first half of the year comes to a close later this month.”
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