Irvine, CA-based Terra Tech yesterday announced the formation of MediPharm to compete for medical cannabis permits in Nevada. The company is currently building out all the necessary components to apply for medical marijuana cultivation there, as well as to sell their product to patients.
“This is another step forward in developing our application to obtain a permit in Nevada. We are assembling a well-rounded and experienced team to assist us in the process,” said Derek Peterson, CEO of Terra Tech in a press release.
Peterson started Terra Tech in 2010 after a decade-long career in investment banking. The impetus to launch this particular company came when he learned that a friend’s dispensary was clearing $18 million per year – Peterson’s Morgan Stanley job paid around $300,000. So, Peterson left Wall Street to get serious about weed.
Terra Tech went public in early 2012 (TRTC) and is currently developing acres of hydroponic greenhouses throughout the country as it works to position itself to become a primary player in the commercial cultivation of cannabis in the US.