Terra Tech, a national cannabis company with local roots, will finally get to run a store in its own backyard.
The Irvine-based firm on Thursday announced a $7 million deal to buy The Reserve dispensary in Santa Ana, which has been co-owned by rapper The Game.
Terra Tech plans to rebrand the shop as Blüm, the name for its growing chain of dispensaries. The company already has one Blüm dispensary in Oakland, four in Nevada and another coming soon to San Leandro. Terra Tech also owns cultivation and extraction facilities.
But the deal in Santa Ana marks the publicly traded company’s first retail space in Southern California.
“We’re excited to have something close to our corporate headquarters,” said Derek Peterson, CEO of Terra Tech. “We see this as being one of the flagship locations for us.”
The Reserve in Santa Ana will soon become Blum, after Terra Tech announced a $7 million deal to buy the dispensary. (Cannifornian file photo)
The deal has been a long time coming.
Through a 2014 ballot measure, Santa Ana became the first and only city in Orange County to allow medical marijuana dispensaries. The city then held a lottery to see who would get a chance to secure one of 20 available permits.
As much as they wanted to open a store in Orange County, Peterson said his company opted against entering the lottery, preferring to pursue opportunities based on merit rather than luck.
They saw the Los Angeles scene as just too risky, with the city still scrambling to license and regulate its shops. So Peterson said they continued expanding the Blüm footprint in other parts of the country, while always keeping an eye on opportunities close to home.
Darice Smolenski, original owner of The Reserve, made the gamble in Santa Ana —