We have been tracking Terra Tech Corp (OTCMKTS:TRTC) for quite a while here on Street Register, with the last time we mentioned it being just a couple of months ago. This company has cannabis holdings in California, where as you probably already know, recreational marijuana sales just commenced this week, officially launching what promises to become the country’s largest market in the space.
Anticipation of this event led to some really nice progress on the chart for TRTC over the past several weeks. One day after our most recent mention of this stock, it was trading as low as .175, and as of this week’s new high at .49, it had risen by 180% Similar activity has been seen across the sector, and a PR put out by the company only added fuel to the fire.
Terra Tech Corp (OTCMKTS:TRTC) announced that it has received State of California Temporary Authorization to distribute and retail cannabis, and expects to receive authorizations to cultivate and manufacture cannabis for California’s adult-use and medical markets, effective January 1, 2018. Terra Tech plans to commence adult-use cannabis sales to the California market immediately through its Blüm retail dispensaries located in Oakland and Santa Ana.
Terra Tech first started selling medical cannabis products to patients in California through its Blüm dispensary in Oakland. In anticipation of adult-use sales, the Company opened a second Blüm retail location in Santa Ana, California in September, 2017 and is currently constructing a Blüm dispensary in San Leandro, which is expected to open to the public in early 2018. The Company is also expanding its cultivation facilities through its ‘Craft Cultivation’ model, and has signed two craft cultivators, based in Honeydew and Salinas, to ramp production of the Company’s brand of premium cannabis. The Company’s IVXX cannabis is grown and harvested under the safest and most beneficial conditions, free of toxic pesticides, harmful molds and chemical residues. All products are rigorously tested and certified to the highest standards of potency and purity.
“This adult-use license allows us to significantly expand our potential customer base in California beyond the medical market,” commented Derek Peterson, Chief Executive Officer of Terra Tech. “Terra Tech is one of only a handful of companies that has been issued this adult-use license in time for the Jan 1st start date. We believe this first mover advantage will enable us to grow our brand and gain traction with new customers in what is expected to be the nation’s largest cannabis market. Over the past several months we have worked diligently to expand both our retail presence and our cultivation facilities to prepare us for this exciting opportunity and we look forward to capitalizing on our progress to grow sales and build value for shareholders.”
Once issued the State of California’s Temporary Authorization to conduct medical and adult cannabis retail sales, manufacturing, cultivation and distribution will be valid for 120 days and may be extended for an additional 90 days. This transition period, from January 1, 2018 through July 1, 2018, allows for existing operators to apply for their annual permits and affords the industry an opportunity to align all business operations with new state requirements. (Source: Market Wired)
It is going to be extremely interesting to see how a company that is so well-entrenched as TRTC is going to react to and benefit from the massive development of legal sales in California. It’s a storyline that is sure to fuel plenty of interest the whole year through. Stay locked to Street Register for updates, and we’ll provide 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.