MIAMI, FL--(Marketwired - Jun 3, 2014) - Vaporin, Inc. (
Vaporin and Terra Tech have entered into an exclusive distribution agreement whereby Terra Tech will purchase the Company's proprietary vaporizer products for resale throughout their cannabis dispensary network in California, Colorado, Washington and Oregon. According to the California State Board of Equalization, there are an estimated 500 marijuana clubs/dispensaries in California that generate an estimated $2 billion in revenue annually. Medical Marijuana has been legalized in 22 states.
As part of the agreement, Terra Tech has begun to secure purchase commitments from their dispensary network. Additionally, Vaporin and Terra Tech will collaborate on the further development of cannabis and cannabis-related product vending machines in compliance with the Laws of the State of California. In anticipation of entering the cannabis industry, Vaporin has already developed vaporizing pen products for consuming cannabis in oil, wax and dry herb form with each pen varying in look, feel, size, quality and price. The Company anticipates generating revenue from this distribution agreement during the third quarter of 2014.
Scott Frohman, Chief Executive Officer of Vaporin, stated, "Our entry into the multi-billion dollar medical cannabis industry was a natural next step forward in the progression of our Company. We are pleased to have partnered with Terra Tech who has an established and growing distribution network of marijuana dispensaries. We look forward to rapidly expanding our footprint and brand as additional states legalize medical marijuana. Together, we will be distributing unique, high quality vaporizing pens specifically made for the cannabis industry throughout Terra's network as well as vending machines. I strongly believe in the synergies between our companies and collaborative opportunities we will take advantage of in the future."
Derek Peterson, Chief Executive Officer and President of Terra Tech, stated, "Terra Tech and Vaporin share many of the same visions and goals as it relates to the growth and acceptance of vaporizing products to be used in the consumption of cannabis in oil and wax form. We strongly believe that our expertise and access in the MMJ industry combined with Vaporin's quality products and marketing strength will result in a successful partnership."
About Terra Tech Corp.
Terra Tech, through its wholly-owned subsidiary GrowOp Technology, specializes in controlled environment agricultural technologies. The company integrates best-of-breed hydroponic equipment with proprietary software and hardware to provide sustainable solutions for indoor agriculture enterprises and home practitioners. Terra Tech's complete product line is available at specialty retailers throughout the United States and via their website. Through its wholly-owned subsidiary Edible Garden, cultivates a premier brand of local and sustainably grown hydroponic produce, sold through major grocery stores such as Shoprite, Food Emporium and others throughout New Jersey, New York, Delaware, Maryland, Connecticut, and Pennsylvania.
About Vaporin, Inc.
Vaporin is a distributor and marketer of electronic cigarettes, vaporizers, e-liquids and e-hookah products. Vaporin's innovative technology offers the look, feel and taste of traditional cigarettes without any tar, tobacco, smoke and odor. As an alternative to traditional cigarettes, Vaporin is offered in a variety of disposable and rechargeable starter kits and flavors. The unique Vaping Pens product line and Made-In-USA E-Liquid is what makes Vaporin one of the emerging brands in the market. Vaporin is not just an alternative to traditional smoking, but a lifestyle. For more information please visit, www.vaporin.com.
Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking statements including statements regarding the timing of the revenue from the partnership and the partnership's success. The words "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "will," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include consumer reaction to our Cannabis products and new regulations which affect the distribution of these products. Further information on our risk factors is contained in our filings with the SEC, including the Form 10-K filed on March 27, 2014. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.