Basil farm ready to switch to marijuana - FOX 26 News | MyFoxHouston

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>>

  • Report: health risks at some nail salons

    Report: health risks at some nail salons

    Monday, September 15 2014 10:28 PM EDT2014-09-16 02:28:27 GMT
    One of the most surprising findings in a report from the New York City public advocate is that city officials have virtually no authority over how nail salons are run. The city can't enforce standards like they do with restaurants, so it's clearly a case of beauty buyer beware. We get our nails done without thinking too much about it.
    One of the most surprising findings in a report from the New York City public advocate is that city officials have virtually no authority over how nail salons are run. The city can't enforce standards like they do with restaurants, so it's clearly a case of beauty buyer beware. We get our nails done without thinking too much about it.
  • Car strikes toddler; driver arrested

    Car strikes toddler; driver arrested

    Monday, September 15 2014 10:15 PM EDT2014-09-16 02:15:49 GMT
    Police on Long Island say a 30-year-old driver has been arrested in connection with an accident that injured a 3-year-old girl being pushed in a stroller. Police say Scott Shea of Middle Island was driving a Jeep northbound on William Floyd Parkway, just south of Montauk Highway, when he struck the toddler at about 3:45 p.m. Monday.
    Police on Long Island say a 30-year-old driver has been arrested in connection with an accident that injured a 3-year-old girl being pushed in a stroller. Police say Scott Shea of Middle Island was driving a Jeep northbound on William Floyd Parkway, just south of Montauk Highway, when he struck the toddler at about 3:45 p.m. Monday.
  • Lawsuit settlements reached in Metro-North crash

    Lawsuit settlements reached in Metro-North crash

    Monday, September 15 2014 8:39 PM EDT2014-09-16 00:39:39 GMT
    Four of 28 people who sued the Metro-North Railroad in federal court after being injured in a Bridgeport train crash last year have settled with the commuter railroad.
    Four of 28 people who sued the Metro-North Railroad in federal court after being injured in a train crash in Connecticut last year have settled with the commuter railroad.
Powered by WorldNow

KRIV FOX 26
4261 Southwest Freeway
Houston, TX 77027

Phone: (713) 479-2801
Fax: (713) 479-2859

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