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Wednesday, October 5, 2022

The Buzz on Terra Tech Corp (OTCMKTS: TRTC)

Terra Tech Corp (OTCMKTS: 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.

The Company operates in the exciting cannabis space! According to data published by Forbes, citing Brightfield Group, the global cannabis market is estimated to cross the USD 30 Billion mark by 2021. By end of 2017, the global cannabis market value was estimated at USD 7.7 Billion, in which the U.S. held about 90% of total sales. By 2021, the U.S. is expected to account for only 57% of global cannabis sales. Meanwhile, the global market will continue to mature and is projected to grow at a CAGR of 60%.

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 Tech has a strong footprint in Nevada. It currently operates its Blüm, Desert Inn Road and Blüm, Decatur Boulevard dispensaries, both of which are located in Las Vegas, as well as its Blüm Reno dispensary, in Northwest Nevada. The Company also recently purchased a retail property in downtown Las Vegas, located at 121 North Fourth Street, which it plans to convert into a Blüm retail dispensary. As owners of medical and adult-use cannabis business licenses in Las Vegas associated with these dispensaries, Terra Tech has the ability to apply for additional licenses based on its grandfather status. The company has two pending applications for additional retail permits in Las Vegas.

Terra Tech operates a 30,000 square foot cultivation facility in Sparks, Nevada and a 15,000 square foot extraction lab in Reno, Nevada, both of which it owns 50% in conjunction with NuLeaf. These facilities are driving a ramp in production of the Company’s proprietary, premium quality, IVXX-branded wholesale cannabis for the medical and adult-use markets.

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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.

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.

On October 23 TRTC announced it has completed its previously announced sale of 100% of the assets of its cannabis dispensary located at 1921 Western Avenue in Las Vegas, to Exhale Brands Nevada, for a total consideration of $6,250,000. The Company plans to use the proceeds from the sale to further develop its retail dispensary capabilities in new locations that have better proximity to major tourist attractions in Las Vegas.

Derek Peterson, CEO of Terra Tech, commented, “Completing this sale not only allows us to recognize significant gains from our investment in establishing and licensing the dispensary, it also provides us with capital that we plan to invest in more lucrative areas of the Las Vegas market. Nevada continues to be a dynamic cannabis market, with approximately $530 million of cannabis sales recorded by operators across the State in the first twelve months following adult-use legalization. Our grandfathered status in Nevada, due to our existing operations, positions us to take advantage of this significant market opportunity by applying for additional permits. We have therefore submitted two retail dispensary permit applications with the State of Nevada. This retail strategy, coupled with our ramp in cultivation and production operations, is expected to drive revenue growth in Nevada.”

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Currently trading at a $126 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.  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.

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