The cultivation, distribution and trading of Marijuana is hitting Wall Street, legally.
Last week in, California, the Terra Tech Corp. won the approval from the Securities and Exchange Commission. This will allow the soon to be CEO of the Terra Tech Corp., Derek Peterson to raise 6.8 million USD to cover the costs for the constructing and maintenance of a medical marijuana farm in Nevada. Peterson, has stated that the corporation will still need to acquire an additional 7 million USD by next year, to allow his marijuana farm to become fully operational.
Terra Tech Corporation’s approval by the SED will allow its branch company MediFarm to publicly register to buy and sell shares, stocks, bonds and loans through the New York stock exchange, for interested parties.
Terra Tech Corp. plans to open a branch of the company’s MediFarm division in the state of Nevada. This division will cultivate, distribute and peddle marijuana throughout the entire state of Nevada.
Peterson, is currently anticipating the results of the 2016 elections, where numerous states will vote on the legalization of marijuana for recreational use. He predicts that the states of California and Nevada will follow the legalization trend that has captivated many other, more liberal, states; like Colorado Oregon Washington and Alaska.
“I firmly believe this industry will be regulated like alcohol. If all goes well, I’m optimistic the federal government could end this prohibition in 5 to 10 years.”
Peterson and an associate currently own and operate a medical marijuana lab and dispensary in Oakland California. On average the facility caters to the needs of 900 clients per day. Peterson is planing on combing his Oakland operation with his financial plans for the Terra Tech facility in Nevada, now that he has received the green light from SEC.
Congress Passes Medical Marijuana Bill
Recently the US congress has passed a bill that will protect medical marijuana and industrial hemp operations from persecution of the law, only in the states that have legalized the substance. This bill is reported to be a massive hit to the long running war on drugs, that the US has been involved in since 1971.
If this bill is then passed into law, it will begin the process of eliminating the federal government’s ability to target and raid individuals who are in the marijuana cultivation and trading business, as long as they are residing in state that complies with the law. The bill will also protect medical marijuana programs in 23 states that have already legalized the substance as well as 11 other states that have legalized oils that have been derived from cannabis.