Terra Tech Corp (OTCMKTS:TRTC) has seen a recent upswing in price and volume after a new article came out by Andy Fixmer that featured TRTC, it said ”Derek Peterson may soon become the first CEO of a public company that cultivates, distributes and sells marijuana.
Terra Tech Corp., based in Irvine, California, won approval last week from the Securities and Exchange Commission to raise $6.8 million to build and operate medical marijuana operations in Nevada, where the company secured preliminary approvals.
The company’s MediFarm division, which plans to grow, distribute and sell marijuana in Reno, Las Vegas and other parts of the state, has blazed new ground in the on-going debate over marijuana legalization by gaining acceptance from a federal agency, the SEC, which is tasked with safeguarding public markets and investors.”
TRTC was 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.
Terra Tech Corp (OTCMKTS:TRTC) manufactures state-of-the-art growhouse equipment that is now sold word-wide through its subsidiary GrowOpTechnology Ltd. Through its own growing facilities and its alliance with hydroponic farmers the Company sells its Edible Garden produce to supermarkets such as Demoulas and Shoprite supermarket in states such as New Jersey, New York, Delaware, Maryland, Connecticut, and Pennsylvania.
TRTC 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.
As Derek Peterson recently remarked ”I am happy to slow down growing thyme and oregano,” if the policy world tilts towards marijuana legalization.”
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Terra Tech believes that the future of Cannabis farming is going to be done inside of commercial-scale, Dutch hydroponic-style greenhouses, using energy from the sun in combination with other technologies. The Company has been busy strategically expanding the Dutch System in key states where legalization is likely. Once it has TRTC will be in a position to cash in.
Back in March TRTC announced they are developing a research and industrial extraction facility focused on the medical cannabis market. The facility was built in response to what the company views as an increase in demand for high grade CBD as well as other cannabis extracts. On September 9, 2014 the company’s Board of Directors unanimously voted to allow the company to engage in the production, extraction and retail sale of medical cannabis if done so in full accordance with the state and local medical marijuana laws(ordinances) in which they operate. This allows the company’s executive team to transparently operate in the medical cannabis market.
The Company recently announced that they have completed testing and formulating compounds at their cannabinoid extraction facility in Northern California and are now moving into production. The company will be producing a variety of oils, waxes and other mediums of concentrated cannabinoids
TRTC is one of the original pot stocks and continues to benefit from features in main stream media which has included coverage over the past 2 years from news sources such as the Wall Street Journal, National Geographic, Fox Business News, The Huffington Post, the Daily Telegraph and CTV news.
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According to the 10Q filed on November 14 TRTC has an excellent cash position with $3.5 million in the treasury. Revenues are growing quickly rising from $773,140 last year to $1,314,973 this year for the quarter ended September 30. This represents almost a 100% increase this year over last.
TRTC should also see a boost as Marijuana was recently legalized in Alaska, Oregon and Washington DC (already legal in Colorado and Washington).
Conclusion: currently trading at a $50 million market valuation TRTC is a great barometer of the Marijuana industry in general and has a history of making highly explosive moves when the industry heats up. TRTC is already doing millions in revenues and if the Company is able to fill their significant facilities with growing Cannabis as planned sales could easily jump 100 fold; as we come into the season that post stocks usually heat up TRTC is one to watch.
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Disclosure: we hold no position in TRTC either long or short and we have not been compensated for this article.