On March 31 Terra Tech  announced it closed the acquisition of Black Oak Gallery, DBA: Blüm Oakland, a retail medical cannabis dispensary in Oakland, Calif.

The acquisition includes Blüm’s supply chain, its portfolio of strains, and a retail storefront.

Derek Peterson, CEO of Terra Tech, said: “We are delighted to close our previously announced acquisition of Blüm Oakland. Integrating Blüm into Terra Tech enables us to touch every stage in the medical cannabis industry, including retail, which marks a significant milestone for the Company. Blüm will feature Terra Tech’s IVXX brand of hand-selected flowers in its portfolio. These are tested and held to the highest standards, ensuring they are free of all toxic pesticides, harmful molds, and chemical residues. Bringing together these two strong businesses will improve our ability to deliver consistency of quality and superior value to our patients, as well as to grow Terra Tech’s reputation as a leader in the medical cannabis industry.

“Based in Oakland, Blüm is strategically positioned to capitalize on the medical cannabis market in California, which is expected to significantly expand with the implementation of the Cannabis Regulation and Safety Act in 2016.  At Terra Tech, we have a vision to transform, through both innovation and brand development, the way we utilize plants to enhance the well-being of our bodies in an eco-friendly manner. Today’s announcement is a continuation of that vision and I am confident this acquisition will enable Terra Tech to achieve rapid growth for the benefit of its stockholders.”

Salwa Ibrahim, Executive Director of Blüm, said, “Derek and I share the same goal of leveraging the advantages we have as early participants in a newly-established market to rapidly capture additional market share. We have made great progress in recent years establishing Blüm as a reputable medical cannabis dispensary in California and believe that joining forces with Terra Tech will significantly expand our resources and enhance our competitiveness in the market.”

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