Ibrahim said Blüm and Terra Tech have already worked together to secure permits in Nevada for a venture known as MediFarm, which has several cultivation, processing, and dispensary sites in the state. While Blüm’s soon-to-be publicly traded status is a major advance for the cannabis industry, the merger would also be a major milestone for Blüm’s owner Salwa Ibrahim, who hopes it will help the dispensary fulfill ambitions of expanding into other markets. They’ll have a company that they can compare to other marijuana companies that may go public.” “It could provide investors with a benchmark. “When a company has to file financial statements, it eliminates uncertainty,” said Karnes. The emergence of publicly traded marijuana-touching businesses should also help reduce the leeriness that many institutional investors feel for the cannabis sector by providing them with companies that they can scrutinize. “They didn’t come back and ding it,” Karnes said. Karnes does not expect the SEC to oppose the deal, because Terra Tech has already stated in its filings that it plans to grow and sell marijuana. “The fact that you have a dispensary that has to file financial disclosures and be transparent, that definitely helps the legitimacy of the industry.” “It’s very significant,” said Matt Karnes, president of GreenWave Advisors, a New York City-based cannabis consulting firm. (TRTC), an agricultural and cannabis cultivation company in Newport Beach, California, with a market cap of nearly $30 million. Rather, the Oakland dispensary has announced it will merge with an already public company, Terra Tech Corp. Kaya Shack opened in 2014.īut Blüm Oakland didn’t take the traditional route of selling shares to raise capital. The stock markets will soon welcome a dispensary to the ranks of the publicly traded: Black Oak Gallery, better known as Blüm Oakland.īlüm joins dispensary Kaya Shack in Portland, Oregon, a subsidiary division of a publicly-traded company, Kaya Holdings (KAYS). Following a brutal 2015 for marijuana stocks, the cannabis investment sector has something to smile about to start the new year.
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