|[November 09, 2012]
Terra Tech Corp. Looks to Marijuana Legalization as a Catalyst for Growth
IRVINE, Calif. --(Business Wire)--
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."
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 stat 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."
For more information about Terra Tech Corp visit: www.terratechcorp.com
Visit us on Facebook (News - Alert) @ http://www.facebook.com/terratechcorp
Follow us on Twitter (News - Alert) @terratechcorp
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,
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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