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Golden Leaf backs out of Terra Tech merger

Golden Leaf Holdings Ltd. said it will not pursue a potential merger with Irvine, Calif.-based cannabis producer Terra Tech Corp.

The companies had signed a nonbinding letter of intent in November, under which Golden Leaf stockholders would have received 0.1203 of a Terra Tech common share for every share they held.

Golden Leaf, which produces, distributes and sells cannabis oil and flower products, did not provide a reason for backing out of the deal.

Meanwhile, Golden Leaf is expecting to fully close its acquisitions of Tahoe Hydroponics Co. LLC and 11T Corp. before the end of 2018.