Terra Tech Corp (OTCMKTS: TRTC) has had a very strong week running from $0.461 lows to recent highs near $1. TRTC is one of the top most traded stocks on the OTCBB.
The Company put out big news when it announced on February 28 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. 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 is one of the original pot stocks on the OTC led by Derek Peterson “The Public Spokesperson for Medical and Legalized Marijuana. that we have been reporting on for years. Terra Tech is the operator of multiple subsidiary businesses including: Blüm, IVXX Inc., Edible Garden, and MediFarm LLC. The Company is led by Derek Peterson, a former Vice President at Morgan Stanley. He left Wall Street because he saw a huge opportunity in medical marijuana. His vision is setting up growing facilities in various states to grow herbs such as basil and thyme with plans to switch to Marijuana production as state laws permit.
Blüm’s retail and medical cannabis facilities provide the highest quality medical cannabis to patients who are looking for alternative treatments for their chronic medical conditions as well as premium cannabis to the adult-use market in Nevada and California. Blüm offers a broad selection of cannabis products including; flowers, concentrates and edibles through its Oakland, CA and multiple Nevada locations.
Terra Tech has a presence in three states (California, Nevada and New Jersey), and currently has cannabis operations in California and Nevada. All the Company’s cannabis dispensaries operate under the name Blüm. Terra Techs cannabis dispensaries offer a broad selection of medical and adult use cannabis products including flowers, concentrates and edibles. The Company holds an exclusive patent on an organic antioxidant rich Superleaf lettuce and sells living herbs that are grown using classic Dutch hydroponic farming methods.
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The big story on TRTC is 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.
2018 has been a big year for Terra Tech; In July the Company sold its cannabis dispensary located at 1921 Western Avenue in Las Vegas, to Exhale Brands Nevada, for $6,250,000. To prepare for a ramp in demand as a result of the legalization of adult-use cannabis, Terra Tech continued constructing a 13,000 square foot cultivation facility in Hegenberger, Oakland which has the capacity to produce up to one metric ton, or 2,000 pounds, of cannabis per year. The facility is expected to be fully operational in the third quarter of 2018.
On the agreement to acquire the remainder of the interest in the Blüm Reno dispensary, 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.”.
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Currently trading at a $78 million market valuation TRTC has $3.4 million in the treasury, $114 million in assets and huge revenues reporting $7 million in sales for the3 months ended September 30, 2018 and $24.4 million in sales for the 9 months ended September 30, 2018. Terra Tech carries around $12 million in debt on the books and in the past debt conversions have been common here. TRTC is one of the original pot stocks on the OTCBB with a long history of huge moves when the sector heats up, there is also huge demand for the stock with daily dollar volume always in the millions $. TRTC is currently trading near its historical lows and is always one good catalyst away from another explosive run like in 2014, 2016 or the end of last year. We will be updating on TRTC when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with TRTC.
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Disclosure: we hold no position in TRTC either long or short and we have not been compensated for this article.