We were just mentioning Terra Tech Corp (OTCMKTS:TRTC) here at Street Register a couple of weeks ago, when the company was gearing up the marketing campaign for its Edible Garden®, subsidiary, a provider of locally grown herbs and leafy greens nationwide. Edible Garden had secured a feature slot for its nutritionally-enhanced SUPERLEAF™ salad on the television show ‘Plant Based by Nafsika’, which aired on A&E’s FYI Channel on July 26, 2017.
It was a departure from the normal storyline on the company which has generally been relating to the cannabis space and the company’s projects therein, namely its IVXX wholesale brand and its Blüm cannabis dispensaries. Both of those facets of TRTC’s business seem to be coming along well per the most recent press from the company.
This week Terra Tech Corp (OTCMKTS:TRTC) announced its second quarter 2017 financial results for the period ended June 30, 2017 and Derek Peterson, Chief Executive Officer of Terra Tech Corp., commented, “We saw a continued strengthening in demand for cannabis products as sales from both our wholesale IVXX brand and our Blüm dispensaries continued to gain traction. Total cannabis segment revenues were $6.0 million in the second quarter of 2017, compared with $3.8 million in the comparable period in the prior year. The second quarter momentum is expected to accelerate in the second half of the year, boosted by adult-use cannabis sales in Nevada, which commenced in July 2017.
“Edible Garden, which produces fresh, locally-grown herbs and lettuces, continues to provide steady cash flow for the business and we are constantly exploring opportunities to maximize its growth potential. To support these efforts, we chose to discontinue its low-margin floral products, which will enable us to focus our resources on more profitable produce lines in the future. To drive growth in this business, we are also currently implementing a new marketing campaign to improve brand recognition among Edible Garden’s ‘healthy living’ consumer base.
“We are pleased with this quarter’s results and believe the market opportunity for dynamic and aggressive companies in the emerging legal cannabis market is evident. Maximizing value for shareholders remains our top priority as we lay the foundation for future growth at Terra Tech, and we are taking steps to improve the Company’s corporate governance to support this. We leave our revenue guidance of $38 – $40 million for 2017 unchanged,” concluded Mr. Peterson. (Source: Marketwired)
With a solid revenue outlook that the company feels comfortable with leaving as-is, along with some of the operational highlights for its cannabis business, it seems a fair possibility that TRTC could have a solid finish to the year. The company’s cultivation facilities in San Leandro as well as Oakland, California both received provisional permits and expect to be fully operational in the fourth quarter of this year. Additionally, subsequent to the quarter end, the Company commenced sales of cannabis for adult-use following the approval of its Dual Use Marijuana business licenses by the State of Nevada Department of Taxation. Despite having other unrelated projects as we mentioned above, we still consider TRTC to be a cannabis-first play.
We’ll continue to follow along with the stock as we have done for quite some time now, and will be tracking every aspect of its business along the way. Stay locked to Street Register for updates, and we’ll deliver important developments on TRTC as they unfold. In the meantime, if you’ve yet to sign up for our 100% free newsletter, do so now! Just enter your active email address into the box below and submit!
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.