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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MJ Stocks

Terra Tech Corp (OTCMKTS: TRTC) A Bounce Back Play As Net Loss Narrows And Gross Margins Expand

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Terra Tech

Terra Tech Corp (OTCMKTS: TRTC) has retraced lower ever since it clocked 2019 highs at the end of the first quarter. The stock has crumbled under soaring bearish pressure. Amidst the steep pullback, the stock is a potential bounce-back play as it is currently trading at the lower end of a tight trading range.

Terra Tech Price Analysis

A plunge to the lower end of the $0.63 to $1 trading range leaves the stock in a precarious position. A plunge lower could elicit further selling pressure while a bounce back could result in the stock making run for this year highs.

In our view, the stock could bounce back on investors reacting to a string of positive developments that affirm the Company’s prospects. For starters, Terra Tech is fresh from launching a legal cannabis delivery services as it continues to pursue growth opportunities in California.

The Company is also fresh from delivering impressive financial results that indicate gross margin expansion as net loss from operations continues to narrow. The sale of Blum Desert is another development poised to strengthen the company’s financial position.

Terra Tech commencing cannabis sales to the adult use market should continue to excite investor’s, ideal for fuelling an upswing in the stock’s price action activity. With the stock appearing to have hit the floor after the recent pullback, a correction higher could be in the offing at the lower end of the trading range.

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MJ Stocks

Namaste Technologies Inc (OTCMKTS: NXTTF) A Bounce Back Play On Robust Revenue

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Namaste Technologies

Namaste Technologies Inc (OTCMKTS: NXTTF) has had to contend with wild price swings, as investors reacted to delays in the filling of audited financial results and ousting of Sean Dollinger as the CEO. That could soon change, as the Company has come through and filled results that affirm robust revenue growth.

Namaste Technologies Price Analysis

However, concerns over widening net loss could hurt the stock’s sentiments in the market, at a time when it is in dire need of, groundbreaking catalysts to avert further slides. While the stock has bottomed out, it remains engulfed in a long-term bear trend.

The descending trend line could attract short selling pressure on the filling of negative news that arouse concerns about the Company’s long-term prospects. A spike to the $0.65 level essentially means the stock is at a critical resistance level.

Failure to rally and find support above the resistance level could elicit some form of selling that could see the stock trading sideways. Immediate support on any pullbacks from current highs is seen at the $0.40 mark.

NXTTF Daily Chart

A sell-off followed by a close below the $0.40 mark could result in Namaste Technologies resuming its downtrend, as has been the case for the better part of the past year. Conversely, a rally followed by a close above the $0.66 mark should pave the way for the stock to make a run for the $1.20 mark, seen as the next…

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MJ Stocks

Cannex Capital Holdings Inc. (OTCMKTS: CNXXF) A Long-Term Play Despite Price Slump

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Cannex Capital Holdings

A strategic merger with 4Front coming on the heels of Pure Ratios holding acquisition affirms why Cannex Capital Holdings Inc (OTCMKTS: CNXXF) prospects can only get better despite the recent price slump. The transformational events expand the Company’s operations into six U.S states signaling push for market value in the burgeoning cannabis sector.

Cannex Price Analysis

While Cannex has taken a significant hit in the market, it is still up for the year after an excellent start that saw it rally by more than 200%. The stock has since pulled lower in what appears to be a correction phase.

The ongoing pullback has since exposed the stock to a crucial support at the $1 a share level. A breach of the support level would leave the stock susceptible to further drops probably back to the $0.80 mark, a critical technical level.

CNXXF Daily Chart

For the stock to resume its uptrend, it first needs to rise and stabilize above the $1.20 mark, the immediate resistance level. The stock rallying and finding support above the $1.2 mark would open the door for bulls to fuel a rally back to 52-week highs.

About Cannex

Cannex is a diversified company that leases real estate properties and sells supplies to cannabis cultivators. The Company also offers financial services as well as branding and IP services to licensed cannabis operators. It is also focused on premium indoor cultivation extraction and branding of edible…

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