Terra Tech Corp (OTCMKTS:TRTC) is a penny stock that has started to re-engage some focus among traders and investors as prices get a little traction in bounce mode. The principal catalyst is the company’s latest press release wherein it announced 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 Blum cannabis dispensaries in Nevada to commence sales of cannabis for adult-use, starting Saturday, July 1, 2017.
In the past month of action, we’ve finally started to see some new upside in this stock, with a move of 12% added to share values of the listing, a bounce that has taken root amid largely bearish action over the larger time frame. The situation may be worth watching. TRTC is a stock who’s past is littered with sudden rips. In addition, the stock has benefitted from a jump in recent trading volume to the tune of 9% over the long run average.
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 recently announced its Dual Use Marijuana business licenses have been approved by the State of Nevada Department of Taxation.
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.”
This is important because it shows investors that the company is finally getting involved on a primary level (not a secondary or tertiary level) in the recreational pot movement, because let’s face it: the big growth argument in the space is about the recreational shift.
Now commanding a market cap of $142.9M, TRTC has a significant war chest ($10.3M) of cash on the books, which stands against 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 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 breakout stock picks, sign up for our free newsletter today and get our next hot stock pick!