Terra Tech Corp., a major player in the cannabis industry, has agreed to sell its Blüm Reno dispensary for $15 million to Picksy Reno LLC, as disclosed in recent financial filings. The deal transfers all business assets and the property at 1085 S. Virginia St., Suite A, in Reno, Nevada. This transaction forms part of Terra Tech's broader restructuring, redirecting funds to California operations amid a shifting market landscape.
New Buyer Expands Footprint with Rebranding Plans
Picksy Reno LLC, a North Las Vegas-based entity registered in July and linked to Stacie Jackson, is acquiring the dispensary. The company is simultaneously pursuing the purchase of Blüm's Las Vegas location for $10 million. Michael Cristalli, attorney for Picksy, highlighted the Reno site's stronger performance as the reason for its higher price tag. Under new ownership, the dispensary will rebrand as Jade Nevada and stay open during the transition, with Cristalli assuring full regulatory compliance since past issues do not attach to the assets.
Terra Tech Streamlines Amid Operational Challenges
The Blüm Reno dispensary has operated since January 2017, offering both medical and recreational marijuana. Recent scrutiny included a $6.3 million lawsuit from former shareholder Heidi Loeb Hegerich and questions over nontraditional credit card practices. Terra Tech CEO Derek Peterson described the sale as a step in the company's restructuring plan. He stated the proceeds will fund infrastructure, sales, and marketing in California, more productive areas for the firm. The deal expects to close within 90 days, subject to state and local approvals.
Shifts Reflect Maturing Cannabis Market Dynamics
Nevada's cannabis sector has grown rapidly since recreational sales began in 2017, drawing national operators like Terra Tech into local markets. Sales of underperforming or strategically misaligned assets signal consolidation, as companies focus on core regions with established supply chains. For buyers like Picksy, which has prior cannabis investments, acquiring proven locations offers entry into a regulated industry where location and performance drive value. This move underscores how operators prioritize high-revenue sites amid increasing competition and compliance demands.
