DESCRIPTION OF BUSINESS
|6 Months Ended|
Jun. 30, 2017
|Notes to Financial Statements|
|Note 1. DESCRIPTION OF BUSINESS||
References in the Notes to Unaudited Consolidated Financial Statements to the Company, Terra Tech, we, us, or our are intended to mean Terra Tech Corp., individually, or as the context requires, collectively with its subsidiaries on a consolidated basis.
Through MediFarm, LLC, a Nevada limited liability company (MediFarm), MediFarm I, LLC, a Nevada limited liability company (MediFarm I), and MediFarm II, LLC, a Nevada limited liability company (MediFarm II), subsidiaries in which the Company owns interests, the Company operates and/or plans to operate medical marijuana dispensary facilities, cultivation, and production facilities in Nevada. Through IVXX, LLC, a Nevada limited liability company (IVXX LLC), and IVXX, Inc., a California corporation (IVXX Inc.; together with IVXX LLC, IVXX), the Companys wholly-owned subsidiary, the Company produces and sells a line of cannabis flowers, as well as a line of cannabis pure concentrates. Most recently, the Company formed another subsidiary, MediFarm I Real Estate, LLC, a Nevada limited liability company (MediFarm I RE), which owns the real property on which a medical marijuana dispensary will be constructed. The dispensary will be operated by MediFarm I. Through Black Oak Gallery, a California corporation (Black Oak), we operate a medical marijuana retail dispensary, a medical marijuana cultivation facility, and have a second medical marijuana cultivation facility in the early stages of construction, all in Oakland, California. The Company is a wholesale seller of locally grown hydroponic produce, herbs and floral products through its wholly-owned subsidiary, Edible Garden Corp., a Nevada corporation (Edible Garden).
On April 1, 2016, the Company acquired Black Oak. Black Oak operates a medical marijuana retail dispensary in Oakland, California under the name Blüm, pursuant to that certain Agreement and Plan of Merger, dated December 23, 2015 (the Merger Agreement), with Generic Merger Sub, Inc., a California corporation and our wholly-owned subsidiary, and Black Oak.
Since the Merger was completed on April 1, 2016, Black Oaks financial results are included in our unaudited consolidated financial statements subsequent to that date.
The entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
No definition available.