Cannabis company Terra Tech Corp TRTC recently signed a letter of intent to merge with Golden Leaf Holdings Ltd. GLDFF.
Under the terms of the deal, a wholly owned subsidiary of Terra Tech will merge with Golden Leaf, with the new company continuing to be a wholly owned subsidiary of Terra Tech. The transaction is all-stock, with Golden Leaf shareholders entitled to receive 0.1203 shares of Terra Tech for each share of Golden Leaf. This translates into around 22 cents per share of Golden Leaf at the current value of Terra Tech's stock.
The transaction has to be approved by regulators, as well as by Terra Tech's board and Golden Leaf's board and shareholders.
Combination To Expand Terra Tech's Operations
The merger with Golden Leaf will allow Terra Tech to substantially expand its U.S. operations.
The combined company will have 41 permits in Oregon, California and Nevada that cover the cultivation, manufacture, distribution and retail of cannabis, in addition to 21 permit applications in the U.S. that are pending, according to the announcement.
Terra Tech owns a number of subsidiaries — including Blüm, IVXX, Edible Garden and MediFarm — that operate in Nevada and California.
Blüm operates medical and recreational cannabis retail locations in the states, while IVXX produces cannabis-based products for medical dispensaries in California and adult-use stores in Nevada. Edible Garden provides sustainable-grown hydroponic produce that is sold in grocery stores across the country. MediFarm is engaged in the cultivation of medical and recreational cannabis in Nevada.
Golden Leaf is based in Canada, but also has operations in Oregon and Nevada. It is engaged in the cultivation and production of cannabis that is distributed either through its own Chalice Farms dispensaries or third-party locations.
Related Links:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Cannabis is evolving – don’t get left behind!
Curious about what’s next for the industry and how to leverage California’s unique market?
Join top executives, policymakers, and investors at the Benzinga Cannabis Market Spotlight in Anaheim, CA, at the House of Blues on November 12. Dive deep into the latest strategies, investment trends, and brand insights that are shaping the future of cannabis!
Get your tickets now to secure your spot and avoid last-minute price hikes.