Terra Tech Corp (OTCMKTS:TRTC) Is a company that we have regularly revisited over a long period of time. The company is not in the habit of releasing updates on a very frequent basis, but many were included with its recently quarterly report.
In addition to financial highlights, the company’s release included business highlights from its multiple subsidiary businesses. Blum, which offers an extensive cannabis product line, IVXX Inc, selling medical and adult use cannabis products in CA and NV, and Edible Garden, a premier brand of local and sustainably grown hydroponic produce, among others.
Our main focus today will be commentary from Terra Tech Corp (OTCMKTS:TRTC) management given concurrently with its first quarter 2018 financial results:
“We were pleased to report revenue growth of 26% compared to the prior year period,” commented Derek Peterson, Chief Executive Officer of Terra Tech. “This was the first quarter in which we generated revenues from sales to California’s adult use cannabis market. We believe these revenues will accelerate as the industry’s supply chain professionalizes and the adult-use market matures. California is the world’s largest cannabis market, home to approximately 40 million people, and we are proud to have positioned ourselves to have first mover advantage in anticipation of a significant market ramp over the coming months. To prepare us to scale our production to meet this projected demand, we are building a Blüm dispensary and extraction facility in San Leandro and have submitted applications to open two additional retail dispensaries in Santa Ana. As a result of this infrastructure buildout and the developments in the market, our California operations are well-positioned to drive top-line revenue growth in the future.
“We are also pleased with the performance of our four Nevada-based cannabis dispensaries, which have been selling to the adult-use market since July of last year and have established both our Blüm retail and IVXX wholesale brands as recognized leaders in the adult-use market. During the first quarter we participated in completing the construction of our new cultivation facility in Sparks, NV and our cannabis extraction facility in Reno, NV, which will significantly expand our capacity when the requisite state approvals come through.
“Our revenues from Edible Garden increased 40% as sales for our expanded line of organic and locally-grown salads and greens gained momentum. This segment of our business gives us a strong foothold in the New Jersey market and we will continue to invest in building out its distribution channels and constructing a major new packaging facility,” concluded Mr. Peterson. (Source: Globe Newswire)
Nevada has had a thriving legal cannabis industry for quite some time, and California just fell into line at the start of 2018. Those are chief among the reasons that we keep such close track of the company’s activities. With active interests in both markets, and a continual expansion into same, TRTC is one of the most well-established players in the rapidly blossoming American cannabis trade. In terms of California alone, most analysts agree that yearly sales will run into the billions of dollars. Nevada’s population is significantly less, yet sales there have continued to pour in at average rates of as much as $1M per day in 2018. We’re eager to continue tracking TRTC’s involvement in the space on both fronts. 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.