State by state, the nation is beginning to chip away at marijuana prohibition. Especially since Colorado and Washington legalized the herb for recreational purposes last year, whispers of legalization and decriminalization are spreading like wildfire. But cultivation of the plant is still federally illegal, and often as states legalize either medically or recreationally, they find themselves in short supply.

A former Wall Street banker named Derek Peterson is now CEO of a company that could eventually turn the legal medicinal and recreational marijuana shortage into a myth. The company is called Terra Tech Corp, and since its inception in 2010, Peterson has made it his goal to set up farming facilities in various states to grow legal leafy greens like basil and thyme, and gearing up to switch over to cannabis. As soon as each state legalizes, Terra Tech plans to switch to cannabis production, coming out ahead of the curve.

A sustainable, hydroponic farming company, Terra Tech became the first publicly traded company to apply for a license to grow cannabis. Everyone on staff is fully trained to cultivate weed so that as soon as states legalize they can easily shift their facilities over, staff and greenhouses intact. In an effort to stay environmentally sustainable, the company plans to implement far more outdoor greenhouses that rely on natural sunlight than indoor farming facilities that rely on elecricity. Terra Tech’s subsidiary, Edible Garden, has already started using Terra Tech’s LED lighting to cultivate produce while reducing its carbon footprint.

Based in both New Jersey and California, Terra Tech is working in tandem with Edible Garden and GrowOp Technology, which Peterson founded to provide equipment for medical marijuana growers. What started as a company that manufactured mobile growing facilities in Northern California has now expanded to facilities around the country, including Florida, New Jersey and Indiana.

"We have about 7 acres that we’re working with in New Jersey, we’ve got 10 acres in Florida, we’ve got 30 acres available to us in Indianapolis that we’re growing out of as well,” Peterson said. “We’re looking for facilities right now in California. We’re currently looking at Central California, it’s one of our focuses just because of the climate there."

Peterson said expanding on the marijuana market was always part of the plan for Terra Tech, but he did not want to jump into it immediately in 2010. So instead, he started out developing and selling hydroponic equipment like filtration, nutrients and HID and LED light systems.

“I didn’t want to get involved directly with the plant at the time because essentially I don’t think I could have sold that to my wife,” Peterson said, laughing. “I thought, 'Why don’t we start making and manufacturing some of the equipment that cannabis cultivators use to grow?'”