Terra Tech Corp (OTCMKTS:TRTC) has been making some big moves in recent days and if anyone remembers the pot boom of early 2014 then they know this one skyrocketed to $1.25 +. As pot stocks heat up across the board and light up the OTC TRTC is at the top of many speculators watch lists.
By the looks of it we are in for another pot stock boom! GW Pharmaceuticals recently gave the sector a boost when they announced positive Phase 3 trial data for its drug Epidiolex, for the treatment of Dravet syndrome. The news is a game changer for all pot stocks as it proves that cannabinoids can produce compelling and clinical important data and represent a highly promising new class of medications. Also driving the boom is the fact that 14 states could legalize marijuana this year, adult-use cannabis or possibly both, either at the ballot box or through state legislatures.
Terra Tech Corp (OTCMKTS:TRTC) is one of the original pot stocks on the OTC led by Derek Peterson “The Public Spokesperson for Medical and Legalized Marijuana.” TRTC is the only US-based, publicly-traded company that touches every aspect of the cannabis lifecycle—from cultivation, to extraction, to branding, and now, with the acquisition of Blum, to retail sale.
We have been covering TRTC for years; the Company was initially incorporated as Private Secretary, Inc. on July 22, 2008 in the State of Nevada. The Company planned to develop a software program that would allow for automatic call processing through VoIP technology. On January 27, 2012, the Company filed an amendment to its Articles of Incorporation changing its name to Terra Tech Corp and a new pot stock was born.
The Company is run 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.
TRTC has a number of subsidiaries including Edible Gardens which was established in 2007 and proves fresh, locally grown herbs and leafy greens to supermarkets, restaurants and the food service industry. The growing process utilizes time-tested, classic Dutch hydroponic farming methods to grow produce in a safe and healthy environment.
IVXX Elevate is another TRTC subsidiary focused on building a recognizable, superior brand that delivers unsurpassed quality and consistency to consumers of recreational and medical cannabis throughout the legal U.S. markets.
IVXX Elevate cannabis is grown and harvested under the safest and most beneficial conditions, free of toxic pesticides, harmful molds and chemical residues. The products are thoughtfully produced, rigorously tested and certified to the highest standards of potency and purity.
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A big part of TRTC recent rise is due to their recent acquisition of Black Oak Gallery, DBA: Blum Oakland, an established, retail medical cannabis dispensary in Oakland, CA which holds over 42,000 registered patients, has been operating since November 2012 and services close to 1,000 patients each day. The acquisition includes Blum’s fully integrated supply chain, which consists of a sophisticated onsite cultivation facility, its portfolio of proprietary strains, as well as its high volume retail storefront. Trailing 12-month non-GAAP revenue for Blum Oakland is over $14 million, which tracks the revenue reported by Blum Oakland in its associated sales tax and marijuana tax reporting and payments.
Earlier this month TRTC announced the Grand Opening of its medical cannabis dispensary located at 1921 Western Avenue in Las Vegas, Nevada will be held on April 20, 2016. Located adjacent to the Las Vegas Strip, the Western Avenue dispensary will offer patients the Company’s proprietary IVXX™ brand of premium medical cannabis, including flowers, shatters, waxes and oils, among other high-quality cannabis products from a range of reputable providers of superior grade medical cannabis. The 3,900 square foot facility is located adjacent to the Las Vegas Strip at 1921 Western Avenue and is expected to benefit from the heavy traffic in Las Vegas.
Western Las Vegas is the first of four retail medical cannabis dispensaries slated to open in Nevada in 2016. Three of those, operating under the store name Blüm, will be in Southern Nevada, on Western Avenue, Desert Inn Road near the Las Vegas Convention Center, and Decatur Boulevard. The fourth is to be located in Reno, in Northwest Nevada. All locations are expected to open in time to take advantage of the very active summer tourism season in Nevada.
Nevada is an important market for the cannabis industry as the state will recognize the medical status of non-residents. Nevada also has around 40 million annual visitors with 30% of those coming from California. Recreational marijuana use will be on the Nevada ballot box come November.
On Tuesday TRTC said it will release its year end 2015 results on Tuesday, March 29, 2016 after U.S. markets close. TRTC will also host a conference call on Tuesday, March 29, 2016 at 4:30pm Eastern Time. Dial-In Number: 1-857-232-0157. Access Code: 422095.
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Currently trading at a $62 million market valuation TRTC has $1.3 minimal in the treasury, manageable debt and significant revenues reporting $7,805,994 in sales for the 9 months ended September 30, 2015. Derek Peterson “The Public Spokesperson for Medical and Legalized Marijuana” is a master at selling the sizzle on the sector and getting their story into the national media spotlight with such news outlets as the Wall Street Journal, National Geographic, Fox Business News, The Huffington Post, the Daily Telegraph and CTV news all covering TRTC in the past. TRTC is also the only publicly-traded company that touches every aspect of the cannabis lifecycle—from cultivation, to extraction, to branding, and now, with the acquisition of Blum, to retail sale. This gives TRTC a huge advantage because on-site cultivation reduces that cost to about $700 per pound, while the company’s retail price will remain at industry levels 5 to 10 times higher. 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.