Terra Tech Corp (OTCMKTS:TRTC) is a penny stock that’s clearly begun to spur some interest among players in the marketplace as shares bounce up off recent lows. As we noted recently, the stock had been suffering the pain of a major technical breakdown in 2017, diving under the $0.225 level after about eighteen months of battling to hold the level. But recent headlines may have worked to keep the stock holding some semblance of support despite a (suddenly quite) weak environment for pot stocks.
In all, we’ve witnessed 22% added to share values of the stock over the past month of action, but that move comes in the context of a larger bearish trend. However, TRTC has evidenced sudden upward volatility on many prior occasions. What’s more, the stock has benefitted from a jump in recent trading volume to the tune of above 150% beyond what we have been seeing over the larger time frame.
Terra Tech Corp (OTCMKTS:TRTC) has positioned itself in the cannabis space as a company that engages in the design, marketing, and sale of hydroponic equipment with proprietary technology to create sustainable solutions for the cultivation of indoor agriculture in Newport Beach and Irvine, California.
It operates through two segments, Hydroponic Produce and Cannabis Products. The company offers environmental controllers and timers; ballasts; bulbs; reflectors; nutrients; and portable hydroponic trailers and The Big Bud and Little Bud, which are custom fabricated proprietary cultivation systems for horticulture enthusiasts, local urban farmers, and greenhouse growers
Terra Tech Corp also operates as a retail seller of hydroponic produce, herbs, and floral products, which are distributed in the Midwest and the Northeast United States; and produces and sells a line of cannabis flowers and cigarettes, as well as a line of cannabis pure concentrates, including oils, waxes, shatters, and clears to dispensaries in California.
TRTC operates through multiple subsidiary businesses, including Blum, IVXX Inc., Edible Gardens, MediFarm LLC and GrowOp Technology.
Blum’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. Blum offers a broad selection of medical cannabis products including; flowers, concentrates and edibles through its Oakland, CA and multiple Nevada locations.
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As noted above, the company has generated some headlines that have managed to keep the stock from continuing its descent after breaking key technical support. Chief among recent press was the company’s announcement that its Dual Use Marijuana business licenses have been approved by the State of Nevada Department of Taxation. According to the release, this approval allows all four of the Company’s Blüm cannabis dispensaries in Nevada to commence sales of cannabis for adult-use. That shift came into place at the start of the month of July.
Derek Peterson, Chief Executive Officer of Terra Tech Corp., commented, “Today, Terra Tech’s cannabis operations have expanded from being purely focused on serving the needs of patients to encompassing the adult-use cannabis market in Nevada. Receiving our Dual Use Marijuana business licenses is a major milestone for the Company and we are proud that all four of our medical dispensaries were granted approval to enter the adult-use market. Our dispensaries will offer our proprietary IVXX brand of premium cannabis, flowers, shatters, waxes and oils, among other high-quality cannabis products from a range of reputable providers of superior grade medical and adult-use cannabis. As we roll out these products to the adult-use market we are committed to ensuring that medical cannabis patients will continue to receive superior service at our dispensaries.”
Now commanding a market cap of $120.6M, TRTC has a significant war chest ($10.3M) of cash on the books, which compares with about $505K in total current liabilities. TRTC is pulling in trailing 12-month revenues of $30.6M. In addition, the company is seeing major top line growth, with y/y quarterly revenues growing at 340.8%. This may be a very interesting story and we will look forward to updating it again soon. 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!