Terra Tech Corp (OTCMKTS:TRTC) shares have been down nearly 50% over a one-year period recently. However, TRTC could rebound after some recent developments the company had. Before we get into the news, let’s take a look into Terra Tech Corp and figure out what the company does.
Terra Tech Corp operates through multiple subsidiary companies, which includes: Blum, IVXX Inc., Edible Gardens, MediFarm LLC and GrowOp Technology. Terra Tech’s Blum brand has retail medical cannabis facilities focused primarily on providing the highest quality medical cannabis to patients, who are looking for alternative treatments for their chronic medical conditions. Additionally, Blum offers a wide array of various options of medical cannabis products including; flowers, concentrates and edibles through its Oakland, CA and multiple Nevada locations.
Moving on, Terra Tech Corp (OTCMKTS:TRTC) also operates through IVXX Inc., another is a wholly-owned subsidiary of Terra Tech. IVXX is engaged in the production of medical cannabis-extracted products for regulated medical cannabis dispensaries throughout California. In the company’s own words, “Edible Garden, cultivates a premier brand of local and sustainably grown hydroponic produce, sold through major grocery stores such as ShopRite, Walmart, Winn-Dixie, Raley’s, Meijer, Kroger, and others throughout New Jersey, New York, Delaware, Maryland, Connecticut, Pennsylvania and the Midwest. Terra Tech’s MediFarm LLC subsidiaries are focused on medical cannabis cultivation and permitting businesses throughout Nevada. The Company’s wholly-owned subsidiary GrowOp Technology, specializes in controlled environment agricultural technologies.”
Most recently, Terra Tech Corp Chief Executive Officer Derek Peterson discussed the recent news and provided an outlook for TRTC recently. In this discussion, Peterson stated, “If we were having this conversation two years ago it wouldn’t be what it is today, but last November we had eight of the nine pieces of national legislation go through. That shows overwhelming support for an expanded regulatory environment for cannabis even in swing states. If there’s one thing this administration has built their platform around, it’s state’s rights.”
That said, Terra Tech CEO is not worried about the current political landscape of the U.S. legal cannabis after all. Moreover, since the current administration has previously indicated that it would allow states to decide whether they would legalize cannabis, which could be an indication that there could be increasing demand, potentially.
When speak about the Nevada markets, Terra Tech CEO Peterson stated, “What we went after was eight permits thinking we would be thrilled to get two and we got all eight. Today, we have four operational retail dispensaries spread throughout the Las Vegas area as well as Reno. We are building two large scale cultivation and extraction facilities to meet the wholesale demand for the IVXX brand.”
The company also reported its financial results for the fiscal year ended on December 31, 2016, recently. Terra Tech’s total revenues for FY 2016 rose by 154% year over year, and its revenues for 4Q 2016 grew to $7.13M, from $2.17M in the same period in the prior fiscal year, that’s a growth rate of over 225% year over year. That in mind, the company showed strong growth, and if the company continues its growth in its next fiscal quarter, shares could potentially rebound.
If you missed any of these updates in Terra Tech Corp recently, you might not want to miss any potential press releases because the stock could potentially rebound. Now, you don’t need a fancy news service to get you up to date on TRTC, you could just simply enter your email address in the box below to subscribe to our free newsletter. Following that, we’ll be able to send you updates, if any, on TRTC.
Disclosure: No one at Street Register has been compensated in any way for the publishing of this article, nor do we hold any position in TRTC stock, short or long.