Terra Tech Corp To Acquire SilverStreak Solutions, Plans To Develop Cannabis Delivery Operation In California
Vertically integrated cannabis-focused agriculture company Terra Tech Corp. (OTCQX:TRTC) is acquiring SilverStreak Solutions Inc.
The deal's closing is subject to certain conditions and is expected in roughly 90 to 120 days. The deal details remained undisclosed.
SilverStreak is a direct-to-consumer company that operates in the greater Sacramento area, serving roughly 42,000 monthly customers within a 100-mile radius.
Following the finalization of the acquisition, SilverStreak's CEO Sterling Harlan will consult with Terra Tech for six months.
Frank Knuettel II, CEO of Terra Tech, said he is excited to continue the company's expansion through the acquisition of "this high-quality and well-run delivery service," calling the move "the next step in our rebuilding initiative."
"We expect to expand SilverStreak's base of operations utilizing our existing assets in Northern and Southern California, with the intent to develop a statewide delivery operation giving us access to millions of California consumers," he continued.
In March, Terra Tech announced it was acquiring Umbrla Inc., rebranded as "Unrivaled," for an undisclosed price. It was the first acquisition for the company, which is expected to boost its revenue to exceed $70 million in 2021.
Knuettel said that the combination of Unrivaled's existing brand portfolio and the distribution operation "makes enormous economic and operational sense."
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