Terra Tech Corp (OTCMKTS:TRTC) is a micro-cap play in the cannabis space that has been a central focus in the group for quite some time. The stock has been struggling over recent weeks, roughly cut in half during the sell-the-news action post-election day. However, it has been trying to bounce in recent days, helped in part by the company’s announcement of expanding contracts in a subsidiary.
Specifically, the company just announced that its subsidiary, Edible Garden, a retail seller of fresh, hydroponic herbs and produce, has added two contract farmers to its cooperative of local growers of fresh and local produce. The addition of these new farmers, based out of Virginia and New Jersey, bring the Company’s national contract farmer count to eight. That is momentum unrelated to the cannabis segment, which offers up a strengthening sense of diversification – always a plus.
Terra Tech Corp (OTCMKTS:TRTC) trumpets itself 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.
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, Krogers, 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.
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As noted above, the company just announced expanding contractual assets at its Edible Garden subsidiary. The new contract farmers will operate under the same strict quality standards as the Edible Garden’s existing cooperative member farmers. By selecting only the highest quality farmers the Company ensures its produce is consistently of the highest standard.
In addition to supplying their own very best herb and lettuce products, the farmers will also grow, cut, pack and ship Edible Garden’s living SUPERLEAF Spring Mix lettuce, which is exclusively licensed to the Company, for supermarket stores in the Northeast and Mid-Atlantic region.
Derek Peterson, CEO of Terra Tech, stated, “Edible Garden plans to disrupt the existing lettuce space and to expand its presence in the U.S. national cut lettuce and living herbs market. We are confident that these latest additions to the Edible Garden family, which will produce our licensed SUPERLEAF lettuce, among other products, will contribute positively to our expansion plans. Edible Garden produce is only sold within a few hours’ drive of our farms to ensure the Company’s customers receive the freshest farmed produce on the market today. Adding new contract farmers in Virginia and New Jersey will expand our reach in the Northeast and Mid-Atlantic regions.”
Now commanding a market cap of $153M, TRTC has a significant war chest ($3.4M) of cash on the books, which must be weighed relative to an appreciable load ($2.79M) of total accumulated debt. TRTC is making real money, with trailing 12-month revenues coming in at 20.37M. In addition, the company is seeing major top line growth, with y/y quarterly revenues growing at 244.4%. 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 and other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!