Vaporin Enters Cannabis Industry Through Distribution Partnership With Terra Tech Corp.
June 03 2014 - 8:00AM
Marketwired
Vaporin Enters Cannabis Industry Through Distribution Partnership
With Terra Tech Corp.
Vaporin Has Developed Proprietary Vaporizing Pen Products for
Consummation of Cannabis in Oil, Wax, and Dry Herb Form
MIAMI, FL--(Marketwired - Jun 3, 2014) - Vaporin, Inc. (OTCQB:
VAPO), a distributor and marketer of electronic cigarettes,
vaporizers, e-liquids and e-hookah products, today announced its
entry into the medical cannabis industry through an exclusive
distribution agreement with Terra Tech Corp. (OTCQB: TRTC) ("Terra
Tech").
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.
Company Contact: Vaporin, Inc. Scott Frohman Chief Executive
Officer 305.842.2813 Email Contact Investor Relations Contact:
Capital Markets Group, LLC Valter Pinto PH: (914) 669-0222 x201 or
(212) 398-3486 Email Contact