You can now buy shares in a newly publicly traded marijuana dispensary, now that the cannabis conglomerate Terra Tech Corp has acquired Blum Oakland, an established medical marijuana retailer in Oakland, California.
“Today, we can proudly claim the title of the only US-based, publicly-traded company that touches every aspect of the cannabis lifecycle—from cultivation, to extraction, to branding, and now, with the acquisition of Blum, to retail sale,” said Derek Peterson, CEO of Terra Tech, in a statement announcing the acquisition.
At least one other publicly traded company says it owns a marijuana dispensary, Kaya Holdings, which claims to be the first publicly traded firm to do so.
According to Terra Tech, Blum Oakland has more than 42,000 registered patients and has been in operation since November 2012. Terra Tech stockholders will, after the merger, control 100% of the combined company.
Terra Tech stock is up more than 18% following the announcement.