Terra Tech Corp (OTCMKTS:TRTC) shares are down 47% for the year, with (2) two pockets of selling where volume pressured shares lower. The first in February, then again in April where shares made new lows for the year. A look at the chart below shows the depth of the selloff. It will be important to watch how the conference circuit helps get the message out for the company, they need shareholders to double down here and they need to add some new ones and hope the selling subsides.
Yesterday could have been an indication (volume) that the sellers may be out of the 3tock, and shares have put in a bottom. We need more evidence to support this, but share price has been cut in half or more so far in 2017, and we need to see when the selling will subside. Most sell-offs like this in these smaller stocks are guys who are not true investors. More often than not, they were paid in stock to perform a service as a lender, and are willing to sell at any price, and normally have a large position in the stock.
Derek Peterson, CEO of Terra Tech Corp (OTCMKTS:TRTC), talked recently about news for Terra Tech Corp. Topics covered in the interview include the recent White House comments on the cannabis industry, market penetration in California, the overwhelming successes in Nevada, the steady growth for Edible Gardens and more.
In the interview, regarding the current administration’s stance on cannabis, Peterson stated, “If we were having this conversation two years ago it wouldn’t be what it is today, but last November we had eight of the nine pieces of national legislation go through. That shows overwhelming support for an expanded regulatory environment for cannabis even in swing states. If there’s one thing this administration has built their platform around, it’s state’s rights.”
Speaking about the Nevada markets, Peterson went on to say, “What we went after was eight permits thinking we would be thrilled to get two and we got all eight. Today, we have four operational retail dispensaries spread throughout the Las Vegas area as well as Reno. We are building two large scale cultivation and extraction facilities to meet the wholesale demand for the IVXX brand.”
In other news, the company will presented at the 2017 Canaccord Genuity Cannabis Conference on Wednesday, May 10th at 1PM Eastern at The Intercontinental Barclay New York in New York City. Derek Peterson, Chairman and CEO of Terra Tech Corp., commented, “Canaccord is one of the leading investment banks with expertise in the cannabis sector and we are pleased to be invited to present at its conference. Terra Tech continues to go from strength to strength and we look forward to educating interested investors about our business.”
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$TRTC 10-Day Chart Below:The company operates through multiple subsidiary businesses including: Blüm, IVXX Inc., Edible Garden, MediFarm LLC and GrowOp Technology. Blüm’s retail medical cannabis facilities focus on providing the highest quality medical cannabis to patients who are looking for alternative treatments for their chronic medical conditions. Blüm offers a broad selection of medical cannabis products including; flowers, concentrates and edibles through its Oakland, CA and multiple Nevada locations. IVXX, Inc. is a wholly-owned subsidiary of Terra Tech that produces medical cannabis-extracted products for regulated medical cannabis dispensaries throughout California.
The Company’s wholly-owned subsidiary Edible Garden cultivates a premier brand of local and sustainably grown hydroponic produce, sold through major grocery stores such as ShopRite, Walmart, Winn-Dixie, Raley’s, Meijer, Kroger, and others throughout New Jersey, New York, Delaware, Maryland, Connecticut, Pennsylvania and the Midwest. Terra Tech’s MediFarm LLC subsidiaries are focused on medical cannabis cultivation and permitting businesses throughout Nevada. The Company’s wholly-owned subsidiary GrowOp Technology specializes in controlled environment agricultural technologies.
The key now for Terra Tech Corp. (OTCMKTS:TRTC) is the recovery of the share price itself with new investors coming aboard. This will be easy to spot as volume will be the driver to the story and you will need around 35 million to change hands on any rally in a single day to telegraph short covering and new investors trying to fit through the same door.
Smaller stocks like TRTC, with large floats (582M), need periods of higher volume to turn the ship in the harbor and point it out to sea. The current selloff will need to be examined closely, and any rally will need to be dissected properly to get a handle on if they can retrace the yearlong decline. For continuing coverage on shares of $TRTC stock, as well as our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!