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Saturday, November 28, 2020

Is Terra Tech Corp (OTCMKTS:TRTCD) Setting Up for a Big Board Listing?

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Terra Tech Corp (OTCMKTS:TRTCD) just added a “D” to the ticker as the company goes through a reverse split to, in theory, create uplisting potential onto a major exchange. Otherwise, shares continue to be pinned in a narrow sideways range despite superficial signals of strong growth inline with the growth going on in the broader cannabis space. The company just provided a business update for 2018 covering a wide range of topics.

Some key points of interest listed in the update include: “company secures $40 million investment, to be made in eight tranches of $5 million over 24 months; capex to be directed toward the build out of the company’s cultivation, extraction and retail infrastructure in California, Nevada and New Jersey; capital injection positions the company to leverage M&A opportunities and ramp its sales and marketing strategy; 1 for 15 reverse split to be effected on March 13, 2018, to position the Company for a potential uplisting.” As we will discuss, this last point might actually be the most important.

Terra Tech Corp (OTCMKTS:TRTCD) 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.

TRTCD 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

Additionally, TRTCD 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.

The company 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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Derek Peterson, Chief Executive Officer of Terra Tech, commented, “We continue to make significant headway executing on our strategy to position Terra Tech as a foremost player in the multi-billion dollar legal cannabis market. Our Blüm retail dispensaries and wholesale high grade ‘IVXX’ flowers and oils have emerged as leaders in the California and Nevada markets, cementing our reputation as a premium brand and driving rapid revenue growth for the Company over the past several quarters. Securing this capital injection will allow us to navigate Terra Tech through the next stage of its growth trajectory as we scale the business to provide for our large and growing customer base. The funds will be used to develop the Company’s cannabis cultivation and retail infrastructure in California and Nevada, as well as to complete the build out of a major new pack house in New Jersey to serve our Edible Garden subsidiary and position the Company to penetrate the New Jersey cannabis market, which is expected to legalize adult-use cannabis this year. It will also position the Company to take advantage of M&A opportunities as they arise. Our aggressive expansion plan is designed to build value for shareholders by further entrenching Terra Tech in the cannabis industry and securing our position as nationwide leaders in both the wholesale and retail markets. We are also effecting a reverse split in conjunction with the capital raise which is intended to increase the per share trading price of Terra Tech’s common stock to satisfy the minimum bid price requirement for uplisting to a major stock exchange.”

At this time, carrying a capital value in the market of $259.4M, TRTCD has a significant war chest ($6.7M) of cash on the books, which is balanced by virtually no total current liabilities. TRTCD is pulling in trailing 12-month revenues of $31.9M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 45.6%. This may be a very interesting story and we will look forward to updating it again soon. Sign-up for continuing coverage on shares of $TRTCD stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in $TRTC, either long or short, and we have not been compensated for this article.

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