Terra Tech Corp (OTCMKTS:TRTC) is up +20% today as investors hedge their bets on the company’s upcoming full-year 2018 results, which will release tomorrow. There seems to be a buzz that the company has had a pretty transformational year as buying has been solid.
The last set of results were positive with rapidly growing sales.Total revenues generated for the quarter ended June 30, 2018 were approximately $8.7 million, an increase of 11% from $7.8 million in the same period in 2017. This growth was due to revenue generated by the Company’s dispensaries in Nevada, and sales from its Blüm, Santa Ana dispensary in California, which was acquired in September 2017.
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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The company’s full purchase of the Blum Dispendary in Nevada and the renovations to its West Oakland facility are notable developments to watch. According to the company, the latter facility will soon be capable of flowering 1,120 pounds of cannabis a year.
Derek Peterson, Chief Executive Officer, said, “The renovation and upgrade of our cultivation facility in Oakland, California, which is located next to our Blüm, Oakland dispensary, provides expanded capacity to support sales growth of our IVXX™ cannabis products in California. This state-of-the-art cultivation facility is designed to enable us to cultivate a greater variety of cannabis strains and explore various growing styles in order to create high quality products at maximum efficiency, to make us more profitable growers.”
Holding a market cap of $128.24M and a float of 74.28M, TRTC has a significant war chest ($3.4M) of cash on hand. The company is one of the original OTC cannabis stocks. We will be writing on them again after their report comes out. 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.