Basil farm ready to switch to marijuana - FOX 13 News

Basil farm ready to switch to marijuana

Posted: Updated:
NEW JERSEY (MYFOXNY.COM) -

Basil plants grow on a New Jersey farm, but the facility could be turned into a five-acre medical marijuana greenhouse with only 48 hours' notice.

The hoses from the state-of-the-art Dutch hydroponic system are watering flowers now, but with a few minor adjustments could just as easily grow marijuana plants for medicinal cannabis. The only reason it's not happening now is because the company is publicly traded and subject to federal law. When the federal ban is lifted, this energy-efficient, eco-friendly greenhouse can be fully shaded with the flip of a switch.

Terra Tech CEO Derek Peterson told me he saw the benefits of medical marijuana firsthand when his stepmother was fighting cancer. Peterson, a former Wall Street investment banker, flew in from California to address more than 200 investors who own stock in Terra Tech. They came from all over the United States and Canada. He explained that their leafy greens produce subsidiary called Edible Garden -- sold in stores including Shoprite and Fairway -- was increasingly more profitable and a plan B in case of a hostile political or legal climate.

White Township Mayor Sam Race, a strawberry farmer himself, did the honors at the ribbon cutting of the new $5.5 million greenhouse that sits on a two-lane country road. He told me it's good for the local economy and he would not oppose a switch to medical marijuana.

The growing momentum towards legalization and profitability of cannabis-related companies are attracting investors' interest. But former Wall Street research analyst Alan Brochstein of the 420 Investor newsletter tells me not all green turns to gold.

For now, Edible Garden is creating new jobs for local residents and pumping needed dollars into the local economy. Peterson is banking on a day when medicinal cannabis will be able to multiply those benefits even more.

Legal and regulatory barriers to growing marijuana still exists, but this company and its investors say they'll have the infrastructure in place when the tide turns.

  • Local NewsLocal NewsMore>>

  • Friday Night Live: August 22, 2014

    Friday Night Live: August 22, 2014

    Friday, August 22 2014 10:34 PM EDT2014-08-23 02:34:20 GMT
    This is Fox 5's Friday Night Live, a weekly celebration of the end of the work week. All summer long, the Fox 5 team brings you the latest in entertainment, nightlife, food, and music in our area. In this episode: Ace Frehley, Big Sean, Week End Trends, and Chef Luca Manfé of MasterChef.
    This is Fox 5's Friday Night Live, a weekly celebration of the end of the work week. All summer long, the Fox 5 team brings you the latest in entertainment, nightlife, food, and music in our area. In this episode: Ace Frehley, Big Sean, Week End Trends, and Chef Luca Manfé of MasterChef.
  • Berg'n: new beer and food hall in Brooklyn

    Berg'n: new beer and food hall in Brooklyn

    Friday, August 22 2014 10:00 PM EDT2014-08-23 02:00:35 GMT
    The guys behind the Brooklyn Flea and Smorgasburg are at it again with a new food and booze venue called Berg'n, a new beer hall in Crown Heights. The place doesn't officially open until August 27, 2014, but owners Eric Demby and Jonathan Butler are giving it a test run for special guests, family, and the press.
    The guys behind the Brooklyn Flea and Smorgasburg are at it again with a new food and booze venue called Berg'n, a new beer hall in Crown Heights. The place doesn't officially open until August 27, 2014, but owners Eric Demby and Jonathan Butler are giving it a test run for special guests, family, and the press.
  • Giving your college-bound kids their space

    Giving your college-bound kids their space

    Friday, August 22 2014 9:31 PM EDT2014-08-23 01:31:50 GMT
    Going off to college is an exciting time for the entire family, especially for the upcoming freshman. But with technology, parents can be in touch all the time. What's too much and what's just enough? Freshman move-in day seems to be harder on the parents than the students at Stony Brook University.
    Going off to college is an exciting time for the entire family, especially for the upcoming freshman. But with technology, parents can be in touch all the time. What's too much and what's just enough? Freshman move-in day seems to be harder on the parents than the students at Stony Brook University.
Powered by WorldNow

FOX 13 / WTVT-TV
3213 West Kennedy Blvd.
Tampa, Florida 33609
Main: (813) 876-1313
Newsroom: (813) 870-9630
Fax: (813) 871-3135

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices