After a brutal run on the charts, Terra Tech Corp (OTCMKTS:TRTC) has been trying desperately to carve out a key pivot low, and may finally be finding some traction over recent days as shares work off support on a four-day run worth about 60% in gains. To further flesh out the story, the company just announced it has entered into an agreement to acquire the remainder of the interest in the Blüm Reno dispensary, located at 1085 S Virginia St Suite A, Reno, NV 89502.
According to the release, “As a result of the agreement, Terra Tech Corp.’s ownership in the Blüm dispensary, including its cannabis licenses, will increase from 50% to 100%, and Terra Tech Corp.’s ownership in the building which houses the dispensary will increase from 50% to 100%. Closing of the agreement is subject to the approval of the Nevada Department of Taxation, which the Company expects to receive in approximately 60-90 days.”
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, TRTC just announced it has entered into an agreement to acquire the remainder of the interest in the Blüm Reno dispensary, located at 1085 S Virginia St Suite A, Reno, NV 89502.
Recent action has seen 44% piled on for shareholders of the listing during the trailing week. What’s more, the name has seen interest climb, with an increase in recent trading volume of 23% over the long run average.
Chief Executive Officer, Derek Peterson, said, “This purchase allows us to have complete ownership and control of the Reno Blüm dispensary, which provides much-needed cannabis products to the local medical and adult-use markets, at a price that we believe accurately represents a fair value. It also settles the lawsuit with Heidi Loeb Hegerich and we are pleased to put this matter behind us and look to the future. We continue to execute against our growth strategy in Nevada, and have recently shipped our first products from our new Sparks, Nevada cultivation facility to our retail Blüm dispensaries across the state. These will be marketed to our customers and patients under our premium IVXX™ brand.”
Currently trading at a market capitalization of $78.99M, TRTC has a significant war chest ($3.4M) of cash on the books, which stands against about $7.7M in total current liabilities. TRTC is pulling in trailing 12-month revenues of $35.4M. However, the company is seeing declines on the top-line on a quarterly y/y basis, with revenues falling at -30%. This is an exciting story, and we look forward to a follow-up chapter as events transpire. 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.