Terra Tech Corp (OTCMKTS: TRTC) on Track to Hit Highs as it Starts Cannabis Sales in San Leandro - MJ Global Report
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Terra Tech Corp (OTCMKTS: TRTC) on Track to Hit Highs as it Starts Cannabis Sales in San Leandro

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Terra Tech Corp

Terra Tech Corp (OTCMKTS: TRTC) has finally started the sale of cannabis to the city of San Leandro’s adult use market. The vertically integrated cannabis-focused agriculture company is now fully licensed to carry out its operations.

Some would have previously gone as far as saying that Terra Tech as a disappointment was merely an understatement citing shareholder dilution as well as bad management as the reason.

However, going as per the recent activities, the firm is relatively on track to recovery.

TRTC Price Struggle

The company is a marijuana stock that has a strong focus on cannabis cultivation and has the objective to provide the highest quality of cannabis and other agricultural products. However, the firm has experienced some difficulties, especially in the second half of this year which affected its price strongly.

TRTC price today

So, the price has dropped. In January, TRTC price was at $1 after which it surged again during February and reached $1.5 at March 10.

Another drop occurred which was, however, fought by stronger support levels. One was at $1.1 then followed by spike up. As of May 6, the TRTC price reached $0.78 and has shown some small increase with today the price reaching $0.79.

Terra Tech Corp Overview

First up, Terra Tech Corp. operates through several subsidiary businesses including IVXX Inc., Edible Garden, and MediFarm LLC. Medical cannabis facilities and Blum’s retail provide best quality medical cannabis to all patients looking for alternative treatments for chronic medical conditions.

IVXX, Inc. is a fully-owned subsidiary of the firm producing cannabis-extracted products for all regulated medical dispensaries in California and medical plus adult-use dispensaries in Nevada.

Edible Garden cultivates also a premier brand of local as well as sustainably grown hydroponic produce.

The String of Positive News

2019 has seen the firm being held back as a result of a series of negative items such as the lawsuit against the firm by Heidi Loeb Hegerich regarding the history of inaccurate bookkeeping practices as well as filling deceptive financial results.

Another was Golden Leaf Holdings Ltd (OTCMKTS: GLDFF) calling off its merger with the company.

However, the firm is now breathing fresh air. First, it’s the latest commencement of adult-use market sales in San Leandro. The firm received approval on March 19 this year from the San Leandro City Council on the adult use sales. On May 2, the state approved the local authorization whereby they issued a provisional adult and medical license.

Furthermore, the firm owns a significant collection of assets. For instance, stockholders’ equity for the last quarter of 2018 amounted to about $93.1 million which is an increase from that of 2017 that was $78.8 million.

Moreover, the firm is prepared for the increased demand for legal recreational cannabis as they a month ago announced the completion of the renovation of the cultivation facility in Oakland. The facility will be producing more than 1,120 pounds of marijuana each year.

Their Own Words

According to Chief Executive Officer, Derek Peterson, the announcement marks a significant opportunity that will open the firm’s total addressable market as well as help in driving substantial sales growth in the San Leandro location.

The main objective here is to provide significant support for the local community as well as bring the much-needed medical cannabis to the patients in the area. As per Derek, this is a dream come true which has only started.

Blum offers a wide variety of cannabis products which includes flowers, edibles and concentrates via its several California and Nevada locations. Nevertheless, Terra Tech Corp. is now in the right direction and likely to help increase its stock price.

Looking at the Future of Terra Tech stock

Undoubtedly, not even a single investor should be blamed for running in December when the firm was not in its best. However, since then, the issues have been resolved to vindicate the company.

With everything on the table, Terra Tech is still a financially stable cannabis firm having an ever-growing presence in California which is the most significant legal cannabis market in North America.

Literally, things are setting up for Terra Tech stock, and 2019 could be the year that the firm may finally reward the patient TRTC stock investors that weathered 2018.

For the latest updates on TRTCJ and other MJ stocks, sign up below!

Disclosure: We have no position in TRTC and have not been compensated for this article.

Photo by Viktor Vincej from Pexels

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Hexo Stock (NYSE:HEXO): Is It A Buy Now?

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Hexo stock

A selloff in the broader cannabis sector that kicked off in earnest in summer has finally brought Hexo Stock (NYSE:HEXO) down to its lowest price in two years. Several factors contributed to the selloff in Canadian cannabis stocks in recent months.

One of them was uncertainty over Canada’s national election. Some investors feared Justin Trudeau would lose his re-election bid and herald difficult times for the cannabis industry.  The Trudeau administration has been very supportive of the cannabis industry in Canada.

The slow development of Canada’s regulated cannabis market weighed down by slow rollout of cannabis shops in provinces like Ontario also spooked investors, sparking a selloff in Canadian cannabis stocks. Hexo has no doubt been a victim of the selloff. But now the stock has bottomed out and looks poised for a powerful rebound.

Hexo stock closed up 14.5% in the last session, reversing a downtrend witnessed in the several previous sessions. Hexo’s gain in the last session came on big volume too, showing growing investor interest in the stock.

History repeats itself

Hexo stock has a history of bouncing back from the bottom. In late December of 2018, Hexo was trading at one of its lowest price levels at around $3. But the stock soon reversed course and sprinted to $6.10 by the start of February 2019, delivering a 103% return in a space of a little over one month.

By April,…

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GrowLife Stock (OTCMKTS:PHOT) Primed For Breakout And Here’s Why

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GrowLife stock

GrowLife stock (OTCMKTS:PHOT) has dropped significantly and currently trades at one of its lowest price levels in more than three years. At $0.002, the stock is 96% off its 3-year peak. The decline that has brought GrowLife this low kicked off in July and gained momentum in September.

If we look at GrowLife’s investor relations site and go to the press release section, we see that GrowLife has issued several updates on its business activities and developments since July. On July 11, GrowLife announced that it secured a patent for the design of its commercial cloning unit in Canada. GrowLife stated that the patent affirms that its commercial cloning design is not only effective but innovative and proprietary. GrowLife believes its patented commercial cloning design will greatly expand its growth opportunity given the increasing demand for hemp and cannabis clones amid ongoing cannabis legalization.

On August 12, GrowLife released its financial results for the first half of 2019 in which it revealed 82% year-over-year revenue growth. On September 13, GrowLife updated on its CBD hemp clone sales strategy. GrowLife intends to start selling clones next year.

However, none of these positive updates from GrowLife helped halt the slide in its stock. GrowLife stock now looks to have bottomed…

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Canopy Growth Corp (TSX:WEED) (NYSE:CGC) Charts Scream Buy Now

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Canopy Growth Corp

Canopy Growth Corp (TSX:WEED) (NYSE:CGC) is currently trading at one of its lowest price levels in two years. The decline in Canopy stock to the current lows can be attributed to two major issues: Canadian politics and the company’s financial performance in the latest quarter.

Investors generally shunned Canadian cannabis stocks in the run-up to the country’s national election in which incumbent Justin Trudeau faced a tough re-election challenge from a conservative candidate. Investors worried that a win for the conservatives could result in the rollback or a slow rollout of cannabis-friendly regulations. Since coming into power in 2015, the Trudeau administration has been supportive of Canada’s cannabis industry. That resulted in Canada becoming the first developed country to legalize cannabis for recreational use a year ago. Trudeau won the tough re-election contest last month, bringing reprieve to cannabis investors. However, Canadian cannabis stocks like Canopy are still trying to recover from the selloff sparked by fears over Canada’s national election.

As for Canopy, in particular, lackluster fiscal 2020 second-quarter results released last week added to the downward pressure on the stock. That saw the stock take a big plunge to its 2-year low last Friday (November 15).

About Canopy Growth Corp

Canopy is one of the top cannabis companies in Canada. It also has a presence in the hemp market. Moreover, Canopy boasts a significant international footprint in the regulated cannabis industry. Canopy…

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