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Monday, November 23, 2020

Is Terra Tech Corp (OTCMKTS:TRTC) a Stud or a Dud?

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As the cannabis patch takes flight over the past couple weeks, Terra Tech Corp (OTCMKTS:TRTC) continues to demonstrate itself as a supreme and consistent underperformer. The stock continues to trend lower despite both expansion for the company and tremendous enthusiasm for the market space in general.

To help try to turn the tide, the company just announced that its subsidiary, Edible Garden, a nationwide provider of fresh, locally-grown herbs and leafy greens, has been selected by Stop & Shop and Giant-Landover to supply organic leafy greens to their retail outlets. According to the release, “The first orders of Edible Garden’s organic leafy greens to both new customers will be shipped in the fourth quarter of 2018.”

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.

TRTC 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, TRTC 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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As noted above, the company has been pushing its frontier at a decent pace, and the cannabis patch has seen plenty of new momentum. That’s why it’s tough to see why shares of TRTC have been so heavy.

The stock appears to be a complete dud. You have to call as it is. And that’s how we see this action. If it was going to happen, it would be happening. Well, it ain’t. Watch out below. Can you imagine what this stock might do when the catalysts stop rolling through and the energy drips back out of the sector?

Traders will note flat action for shareholders of the name during the trailing week. Furthermore, the name has seen interest climb, with an increase in recent trading volume of 36% beyond what we have been seeing over the larger time frame.

Derek Peterson, CEO of Terra Tech, commented, “Being selected by Stop & Shop, shows the level of trust and confidence in our Edible Garden’s products and further deepens our relationship by providing access to a greater number of the chain’s retail outlets. Our expanded relationship with key prominent grocery brands, like Stop & Shop and Giant, will increase the availability of organic, sustainable herbs and leafy greens to retail outlets within easy reach of millions of Americans.”

Currently trading at a market capitalization of $129M, TRTC has a significant war chest ($5.2M) of cash on the books, which stands against virtually no total current liabilities. TRTC is pulling in trailing 12-month revenues of $38.5M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 11.2%. We will update the story again soon as further details emerge. Sign-up for continuing coverage on shares of $TRTC 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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