Terra Tech Corp (OTCMKTS:TRTC) has not really moved like other cannabis stocks, the shares have languished since the election and moved sideways while other companies in the sector exploded higher. This is a bit of a conundrum attempting to determine if this makes shares undervalued and raises questions about what it will take to participate in the investor wide accumulation underway.
The company is a vertically integrated cannabis-focused agriculture company and recently announced the construction of a new cultivation facility in Oakland, California where they executed a lease for 13,000 square feet of industrial space on over 30,000 square feet of land in Oakland’s industrial corridor.
Terra Tech Corp (OTCMKTS:TRTC) is in the final stages of designing a state of the art cultivation facility projected to produce over one metric ton of premium grade cannabis per annum for its IVXX brand. The design includes fully automated environmental controls which are anticipated to reduce production costs associated with the cultivation of IVXX cannabis. Construction is expected to be completed by the end of Q3 2017, with full production capacity expected by the end of Q4 2017. As a partner to the City and in renewed commitment to the Oakland community, TRTC will work with the City of Oakland to ensure that the new cultivation facility meets all permitting and operational requirements, inclusive of any requirements that may be adopted by the Council.
After receiving the license from the city of San Leandro, Terra Tech executed a lease for 13,300 square feet of industrial space in San Leandro’s industrial corridor. The company is in the final stages of designing both a dispensary and cutting edge production facility, in addition to a community meeting space. Demolition of the interior space was completed on January 20, 2017.
The Company is currently awaiting final approval of its Conditional Use Permit and Building Permit from San Leandro’s Planning and Building Departments. TRTC expects to complete construction of the dispensary by the end of the third quarter of 2017 and be open to the public by the fourth quarter of 2017. The production lab and community meeting space are anticipated to be completed in the fourth quarter of 2017 and at full production capacity by the end of the first quarter of 2018.
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Derek Peterson, Terra Tech Chief Executive Officer, stated, “California is our largest market and we are pleased to expand our footprint into San Leandro, a city that is on the move and an upcoming hub of innovation. The new Blüm retail location will not only supply a range of superior grade medical cannabis products from a multitude of reputable providers, but it will also be supported by a new, state-of-the art production facility which will increase the availability of our proprietary IVXX™ brand of premium medical cannabis, flowers, shatters, wax and oils.”
Salwa Ibrahim, Executive Director of Blum, commented, “This was a long permitting process but we couldn’t be more happy to be building a new facility here that we can all be proud of. This expansion is yet another step in our evolution into a nationwide provider of superior grade product and we look forward to issuing further updates as we make continue to make progress with construction work at this location.”
Terra Tech Corp. (OTCMKTS:TRTC) operates through multiple subsidiary businesses including:, 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. 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!