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



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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