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Friday, March 5, 2021

The Big Test Ahead for Terra Tech Corp (OTCMKTS:TRTC)

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Shares of Terra Tech Corp (OTCMKTS:TRTC) have continued to range sideways, but traders are no doubt interested in the stock as a potential third-tier catch-up opportunity. And this is the primary question: it has clearly lagged. So, what can we turn to as a ratification of this potential?

One candidate is the company’s recent announcement of a divestiture: In fact, the company just announced it has agreed to sell 100% of the assets of its cannabis dispensary located at 1130 East Desert Inn Road, Las Vegas, Nevada to Picksy LLC, a Nevada limited liability company, for a total consideration of $10 million. According to the release, the payments will consist of $7.2 million in cash payments and $2.8 million in the form of a 12 month promissory note bearing 5% interest and secured by the assets.

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 agreed to sell 100% of the assets of its cannabis dispensary located at 1130 East Desert Inn Road, Las Vegas, Nevada to Picksy LLC, a Nevada limited liability company, for a total consideration of $10 million.

We’ve witnessed 2% tacked on to share pricing for the listing in the past week. Furthermore, the stock has registered increased average transaction volume recently, with the past month seeing 18% beyond what we have been seeing over the larger time frame.

Derek Peterson, CEO of Terra Tech, commented, ”The planned sale of Blüm Desert Inn is the first milestone in our restructuring strategy which is focused on leveraging our balance sheet to fuel growth, rather than accessing the capital markets on a regular basis. The valuation of the Desert Inn Road location has increased significantly since we opened the dispensary. By selling the location we will strategically monetize this asset and lock in these returns. We plan to redeploy the additional capital generated by this sale toward more productive assets in California. These additional funds make us well positioned to build on our strong momentum through increased investments in infrastructure and sales and marketing.”

Earning a current market cap value of $84.08M, TRTC has a significant war chest ($7.2M) of cash on the books, which must be weighed relative to about $6.9M in total current liabilities. TRTC is pulling in trailing 12-month revenues of $31.3M. However, the company is seeing declines on the top-line on a quarterly y/y basis, with revenues falling at -37.2%. 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.

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