Terra Tech Corp (OTCMKTS:TRTC) has long been one of the ‘spiritual’ leaders of the North American cannabis patch. The stock has lagged the group of late, but still posted a pretty solid return for 2016 of nearly 250%. The company closed the year by announcing that its new Blüm dispensary, located at 1085 South Virginia Street, Reno, Nevada, will open to patients on Monday, January 2nd, 2017 at 9:00 AM Pacific Time.
The Company will also host a Grand Opening for the dispensary on Thursday, January 12th, 2017, at 9:00AM PT, with the ribbon cutting scheduled for 1:00 PM PT. According to the company, “Investors, media and customers are invited to attend the event to view the dispensary’s selection of premium medical cannabis products.”
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.
Find out when $TRTC stock reaches critical levels. Subscribe to OracleDispatch.com Right Now by entering your Email in the box below.
Derek Peterson, CEO of Terra Tech, stated, “It is our great pleasure to announce that Blüm Reno has successfully completed all of its inspections with the State of Nevada and officially received its Nevada State Medical Marijuana Establishment (“MME”) Registration Certificate. Our dispensary in Northern Nevada successfully received the MME Registration Certificate without one deficiency and I am proud of our team for all its hard work getting us to this stage. This is our fourth dispensary in Nevada to open in less than a year, giving us a strong presence in the state. Moreover, in November 2016, Nevada took the historic step of approving the legalization of recreational cannabis. We believe that our efforts to establish Blüm as a leader in the medical cannabis market have uniquely positioned the Company to capitalize on the emerging market for legal cannabis, where we see significant opportunity for growth.”
The Reno, Nevada Blüm dispensary follows the opening of the Desert Inn Dispensary in October, 2016, the South Decatur Boulevard, Las Vegas Dispensary in August, 2016 and the Western, Las Vegas Dispensary in April, 2016. The Company has also operated a Blüm dispensary in Oakland, California, since April, 2016.
At this time, carrying a capital value in the market of $112M, TRTC has a significant war chest ($266.17k) of cash on the books, which compares with about $2M in total current liabilities.
One should also note that debt has been growing over recent quarters. TRTC is pulling in trailing 12-month revenues of $20.4M. In addition, the company is seeing major top line growth, with y/y quarterly revenues growing at 244.4%. This is an exciting story, and we look forward to a follow-up chapter as events transpire. 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!