Terra Tech shares pop after receiving key permits for a trio of Californian locations

The cannabis grower and seller Terra Tech Corp (OTCMKTS:TRTC) is on the receiving end of good news as the city of Santa Ana in California has granted Phase 1 permits for three of its locations there.

The company, which is based in Irvine, California, is widening its reach in Southern California as the state’s cannabis market transforms into a regulated one from a black-market one.

Its locations in Santa Ana will eventually house Terra Tech’s ‘Blüm’ dispensary brand and with the receipt of the Phase 1 permits, Terra Tech will be able launch its marijuana cultivation, manufacturing and distribution capabilities at these locations.

Read: Terra Tech expands retail footprint in California

Once the facilities are up-and-running, Terra Tech will have the right to apply for Phase 2 permits, which are required to begin commercial activities.

By opening a string of locations across Santa Ana, Terra Tech is positioning itself as a prominent supplier of medical and adult-use cannabis to all the surrounding cities such as Irvine, Laguna Beach and Newport Beach, where cannabis dispensaries are scarce.

When finished, Terra Tech’s expanded cultivation and extraction warehouses will allow it to ramp up production of its proprietary IVXX cannabis products, which include premium medical cannabis, flowers, wax and oil.

The Phase 1 permits were granted for its locations on East Dyer Road, East Carnegie Avenue and South Tech Center Drive in Santa Ana.

“Southern California is a major cannabis market and we are excited to pursue this opportunity which will allow us to increase production volumes of our premium IVXX-branded wholesale cannabis products, including producing cannabis-infused, non-alcoholic beverages at the Dyer Road facility,” said Terra Tech CEO Derek Peterson in a statement.

Terra Tech shares added nearly 8% to $2.31 on the news.

Story by ProactiveInvestors