Terra Tech Corp (OTCMKTS: TRTC) has been on the rise recently as pot stocks heat up across the board. TRTC is one of the original pot stocks on the OTCBB with a long history of spectacular moves running from under $3 to highs of $9.37 per share in December of last year.
Cannabis is a great place to be; according to a recent report from Arcview Market Research and its research partner BDS Analytics, over the next 10 years, the legal cannabis industry will see much progress around the globe and spending on legal cannabis worldwide is expected to hit $57 billion by 2027. The adult-use (recreational) market will cover 67% of the spending; medical marijuana will take up the remaining 33%. The largest group of cannabis buyers will be in North America, going from $9.2 billion in 2017 to $47.3 billion a decade later. Of course much of this hinges on how laws progress.
Terra Tech Corp (OTCMKTS: TRTC) is the first publicly-traded cannabis company to touch the plant and has helped shape the investment community’s perception of cannabis playing a breakthrough role in navigating the complex and ever-changing regulatory environment. Terra Tech is the operator of multiple subsidiary businesses including: Blüm, IVXX Inc., Edible Garden, and MediFarm LLC.
TRTC is led by Derek Peterson, “The Public Spokesperson for Medical and Legalized Marijuana” 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.
Terra Techs Blüm branded dispensaries offer a broad selection of cannabis products including; flowers, concentrates and edibles and 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 through its Oakland, CA and multiple Nevada locations.
IVXX, Inc. is a wholly-owned subsidiary of Terra Tech that produces cannabis-extracted products for regulated medical cannabis dispensaries throughout California and medical and adult-use dispensaries in Nevada.
Terra Techs wholly-owned subsidiary, Edible Garden, cultivates a premier brand of local and sustainably grown hydroponic produce, sold through major grocery stores such as ShopRite, Walmart, Ahold, Aldi, Meijer, Kroger, Stop & Shop and others nationwide. Terra Tech’s MediFarm LLC subsidiaries are focused on medical and adult-use cannabis cultivation and permitting businesses throughout Nevada.
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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.
Last month TRTC announced the City of Santa Ana has granted its East Dyer Road, East Carnegie Avenue and South Tech Center Drive locations vertically-integrated Phase I permits. These permits allow the Company to commence development of cultivation, manufacturing and distribution capabilities at these locations. Moreover, upon completion of the build-out of each location’s facilities, they also confer upon the Company the right to apply for Phase II permits which are needed to commence commercial activities.
Terra Tech purchased a 44,000 square foot facility at 620 East Dyer Road in January 2018 to expand its presence in Southern California. The Company plans to develop the property into a vertically integrated cannabis complex that will be over 50,000 square feet, complete with cultivation, extraction and retail capabilities. In addition, the Company plans to include an event facility to host large-scale cannabis themed events, such as concerts and movie nights.
The Company is also developing its 30,000 square foot location at 1815 East Carnegie Avenue. Potential revenues from the retail dispensary are expected to be between $7 million and $10 million per year, when at full capacity and under current market conditions.
CEO Derek Peterson recently attended the “Forbes Under 30 Summit, a major event for game-changers and entrepreneurs, attracting over 7,000 attendees and hosting 24 focused industry content tracks. As the first publicly-traded cannabis company to touch the plant, Terra Tech has helped shape the investment community’s perception of cannabis and has played a breakthrough role in navigating the complex and ever-changing regulatory environment.
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Currently trading at a $142 million market valuation TRTC has $5.1 million in the treasury, $109 million in assets and huge revenues reporting $17.3 million in sales for the 6 months ended June 30, 2018 up from $14.6 million for the same period last year. 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 a master at injecting itself into the Cannabis sizzle. CEO Derek Peterson has plans to put up a full-page ad titled “Dear Mr. President,” which is slated to run in the Wall Street Journal next week along with ad slots on “Fox and Friends.” Derek Peterson said “The problem that we’re under as US operators is these Canadian companies are using the healthy capital market up there to fund and raise a ton of capital, putting us at serious risk. We’ll end up being take out candidates for probably great premiums for our shareholders, but the concern is about longevity.” Terra Tech and Peterson refuse to stay idle and let American companies get left behind. 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.