Terra Tech Corp (OTCMKTS: TRTC) is making an explosive move up the charts as we near the end of the year during an election cycle. Over the years MJ stocks have seen huge moves at this time of year and TRTC has been no exception making a number of historic moves in recent years and we have reported on all of them.
Terra Tech is one of the original pot stocks on the OTCBB and once skyrocketed to well over $10 per share in early 2016; a run Microcapdaily reported on. TRTC hit all-time lows after the previously announced merger with OneQor Pharmaceutical, a privately held over-the-counter (OTC) pharmaceutical company fell through.
Terra Tech Corp (OTCMKTS: TRTC) is the first seed to sale cannabis Company and a staple on the OTCQB for many years. The Company is a retail, production and cultivation company, with an emphasis on providing the highest quality of medical and adult use cannabis products. The Company grows organic antioxidant rich Superleaf lettuce and living herbs using classic Dutch hydroponic farming methods. TRTC has licensed an exclusive patent on the Superleaf lettuce.
TRTC has a presence in three states (California, Nevada and New Jersey) and currently has a concentrated cannabis interest in California and Nevada. All of its cannabis dispensaries operate under the name Blüm. TRTC cannabis dispensaries in California operate as MediFarm SoCal in Santa Ana, Black Oak Gallery in Oakland and Blum San Leandro in San Leandro and offer a broad selection of medical and adult-use cannabis products including flowers, concentrates and edibles.
In Nevada, TRTC has three dispensaries, two under MediFarm in Las Vegas and one under MediFarm I in Reno, which sell quality medical and adult use cannabis products. Founded on the importance of providing consumers with healthy and natural products, Edible Garden is a wholesale seller of organic and locally grown hydroponic produce and herb products. EG Transportation supports the distribution of Edible Garden products to major grocery stores such as ShopRite, Walmart, Ahold, Aldi, Meijer, Kroger, and others throughout New Jersey, New York, Delaware, Maine, Maryland, Connecticut, Pennsylvania and the Midwest.
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On November 6, TRTC announced its financial results for the quarter ended September 30, 2020. For the quarter ended September 30, 2020, the Company generated revenues from continuing operations of approximately $3.05 million, compared to approximately $5.48 million for the quarter ended September 30, 2019, a decrease of approximately $2.42 million. The decrease was due to the combined impact of COVID-19 and civil unrest. COVID-19 has reduced customer traffic and sales volume, while the civil unrest has resulted in damage and closure of one of our dispensaries for half of the month of July and the other for the entire quarter.
Mike Nahass, Chief Executive Officer of Terra Tech, commented, “Our third quarter results were impacted by the closure of our San Leandro dispensary, which was shut for the first half of July and the Oakland dispensary which was shut for the entire third quarter, following damage due to civil unrest that began in late May. Our cultivation facilities continued to sell wholesale cannabis products throughout the quarter, however the shift in revenue mix toward wholesale products continues to reduce our operating margin. Closing out this year and leading into 2021, our business will continue to focus on building out the key elements of our THC business in the California market. Terra Tech is maximizing near-term revenue streams and prioritizing the construction of our Hegenberger cultivation facility which is expected to reach completion at the end of 2020. We are working to further strengthen our balance sheet, through asset sales across the business, specifically in Nevada, in order to strengthen the Company’s cash position and streamline our resources toward our most lucrative THC projects. We’re working our way through the upheaval of recent months and have a strong vision for the future, which we are excited to pursue. With our Oakland and San Leandro dispensaries both up and running, we expect to see near-term revenue growth, followed by a ramp in 2021 as our Hegenberger cultivation and Dyer Rd retail assets contribute to sales and drive us toward profitability.”
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As we said back in 2016 – TRTC is one of the original pot stocks on the OTCBB with a long history of huge moves when the sector heats up,; TRTC is a master at injecting itself into the Cannabis sizzle and when MJ stocks heat up investors take notice of TRTC. Still doing very significant sales coming in at $3 million for Q1 2020 TRTC is sitting very near its all time lows and this one once skyrocketed to well over $10 per share in early 2016; a run Microcapdaily reported on. 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.