Derek Peterson, Matthew Morgan

Derek Peterson, Matthew Morgan

Irvine-based Terra Tech (OTC: TRTC), a cannabis-focused agriculture company, will merge with privately held plant-derived drug maker OneQor Pharmaceutical, based in Phoenix.

TerraTech shareholders get 45% of the new company, under the Terra Tech name; the new company plans to keep operations in both states under OneQor CEO Matthew Morgan; Terra Tech CEO Derek Peterson will be vice chair.

The new company plans to seek a listing on a national stock exchange. Terra Tech traded recently at a $30 million market cap.