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Terra Tech Cannabis Sales Grow 82% to $8.7 Million in Q3 IRVINE, CA — (Marketwired) — 11/09/17 — Terra Tech Corp. (OTCQX: TRTC) (“Terra Tech” or the “Company”), a vertically integrated cannabis-focused agriculture company, today announced its third quarter 2017 financial results for the period ended September 30, 2017.
The third quarter marked the expansion of Blüm?’s cannabis sales into Nevada’s adult-use market for the first time. This was a turning point for the Company, as it opened up our total addressable market significantly. We are pleased with our early-stage traction in the adult-use market, which drove 82% revenue growth in the cannabis segment compared with the same period in the prior year.
Derek Peterson, Chief Executive Officer of Terra Tech Corp.
To support the increased demand for cannabis products throughout Nevada we are expanding our cultivation and production facilities through an arrangement with NuLeaf, and expect to start ramping production at the new facilities in Sparks, NV and Reno, NV by the end of the year.
Mr. Peterson continued, “We expect the favorable market conditions to continue to accelerate our growth, with California adult-use sales expected to come online in 2018. We have taken several steps to position the Company to leverage this major opportunity, including expanding our Blüm brand in California by operating a new dispensary in Santa Ana (previously known as The Reserve), and constructing a new Blüm dispensary in San Leandro, which is expected to open in early 2018. We are investing in our California production facilities so that we can rapidly pivot to meet demand from the adult-use market as legal sales commence in 2018. During the third quarter we signed our second craft cultivator agreement to enable us to expand our production, and our new cultivation facility in Oakland, California is expected to be fully operational in early 2018.
“The cannabis segment contributed 86% of total revenues in the third quarter and represents a major growth opportunity for Terra Tech. As we advance our plans to grow market share in the cannabis market, we are also experiencing success with Edible Garden™, a provider of herbs and leafy greens to consumers in the U.S., which saw improved gross profits and gross profit margins year over year. We are encouraged by the strong results we reported this quarter and look forward to continuing to grow the business and build value for our shareholders,” concluded Mr. Peterson.
Financial Update:
•Total revenues generated for the third quarter ended September 30, 2017 were $10.1 million, compared to $7.0 million in the same period in 2016. The increase was driven by sales in the cannabis segment which increased 81.8%, due to higher sales from the Company’s four Nevada-based Blüm Dispensaries. It was partially offset by lower sales from Edible Garden due to the discontinuation of sales of its low-margin floral products.
Gross profits for the third quarter ended September 30, 2017 were approximately $2.3 million, compared with $1.3 million in the prior year period. Gross margin for the third quarter of 2017 amounted to approximately 23%, compared with a gross margin of approximately 18% for the third quarter of 2016. The improvement in gross margin was due to the sales of higher margin cannabis products and the expiration of the floral product contract at Edible Garden.
•Selling, general and administrative expenses for the third quarter of 2017 amounted to approximately $6.2 million, compared to approximately $5.9 million for the third quarter of 2016. The increase was partially due to an increase in salaries due to new hires associated with the Blüm dispensaries and an increase in accounting and compliance personnel costs. Other expenses include an increase in depreciation expense due to fixed assets placed in service for the Nevada dispensaries.
•The Company realized an operating loss of approximately $3.9 million for the third quarter of 2017, compared to an operating loss of approximately $4.7 million for the third quarter of 2016.
•The net loss attributable to Terra Tech for the quarter ended September 30, 2017 was approximately $7.8 million, or $0.01 per share, compared with a net loss of $5.6 million, or $0.02 per share for the quarter ended September 30, 2016.
•Stockholders’ equity for the third quarter of 2017 amounted to approximately $75.8 million, compared to approximately $52.2 million as of December 31, 2016.
•The Company had no short-term debt as of September 30, 2017, compared with approximately $564,000 as of December 31, 2016. Long term debt was $2.1 million as of September 30, 2017, compared with $1.4 million as of December 31, 2016.
Business Update:
•Cannabis Segment Updates: ?Nevada: ?Blüm dispensaries in Nevada expanded sales activities to include the adult-use market on July 1, 2017.
?Announced plans to acquire 50% of NuLeaf Sparks Cultivation LLC and NuLeaf Reno Production LLC to fast track Terra Tech’s cultivation and production facilities.
?In August 2017, the Company acquired an additional 38% ownership in MediFarm. Previously, the Company owned 60%. As of September 30, 2017, the Company has 98% ownership of MediFarm.
?California: ?Expanded retail operations into Santa Ana, Southern California, through the acquisition of the assets of Tech Center Drive Management LLC, which operated The Reserve OC medical cannabis dispensary. Subsequent to the closing, The Reserve was rebranded as a Blüm dispensary.
?Signed the second Craft Cultivator agreement to grow the Company’s proprietary high grade “IVXX™” cannabis flowers and oils. The farm, Cultivar Inc., is located in Salinas, California and is approved for up to six acres of cannabis cultivation, to be grown in high tech, climate-controlled greenhouses.
?Miscellaneous: ?Filed a patent application with the U.S. Patent and Trademark Office (USPTO) for innovative cannabis-infused rolling papers; expected to launch in 2018 under the IVXX™ brand.
?Edible Garden Updates: ?Launched a new line of fresh-cut herbs, under the name ‘Snip Its®’, for consumers seeking healthier salad alternatives that are free of genetically modified organisms.
?Secured a feature slot for its nutritionally-enhanced SUPERLEAF™ salad on the television show ‘Plant Based by Nafsika’, on A&E’s FYI Channel. Edible Garden also aired commercials during the program’s advertisement breaks.
?Corporate Governance: ?Appointed Mr. Alan Gladstone to provide strategic guidance to management as the Company enters a new growth phase.
Well I can tell you that they'll be getting none of mine anytime soon.Perhaps some other folks who dislike TRTC might be willing to part with some. Anybody???
WRONG, the smart investors who actually own TRTC stock,know the tremendous upside of TRTC and don't need to sit here and trumpet the same information day after day.We know what we own and why.Although we sometimes must counter the mis-information,irrelevant information,or outright lies that appear here regarding TRTC,just to keep it real.You know,like real news outlets must shine the light on faux news. The TERRA TECH company will survive and prosper,along with long term shareholders.This is a REAL fact.
Wow,you could cherry pick stocks /prices all day long to support one argument or another.Take your pick,up or down one can find #'s to support ones position.Silly and totally irrelevant to even bother typing that.At the current LOW PRICE,TRTC still easy to manipulate by the forces with extra deep pockets.Short term pimple-pops,meaningless for the LONG TERM outlook for TRTC.BEST IN CLASS=TERRA TECH.
Someone purchasing TRTC stock at .222 is going to be thrilled that they did when they double their money at .45.Great buying opp before the upcoming catalysts send this stock marching forward.
And all that "negative sentiment " that you speak of keeps coming from the same little circle,repeating the same old outdated,often false information.But you are right,it makes no difference whatsoever to the TRTC company or the stock price.The nonsense may scare off some potential buyers who don't make the effort to learn more about the upside of TRTC,but then that's their own fault for not doing better due diligence.
It is a very amusing round robin they have going on here today.Kinda like the Globetrotters standing in a circle twirling the basketball amongst themselves.Meanwhile, back at the BLUM dispensaries ,more product is flying off the shelves day after day.The TRTC business grows larger and larger.The political climate gets friendlier and soon the laws will be changing to represent WHAT THE PEOPLE WANT-THE END OF MJ PROHIBITION.Then will be the time to start seeing some actual profitability for TRTC.Until then they will keep re-investing and growing out the business as they have been doing for the past few years.The non-stop negativity playing out here does absolutely nothing to prevent TRTC from marching onward.
But with the mj tide favorably turning towards WHAT THE PEOPLE WANT,that hurdle gets lower and lower every day.
No doubt,Zippie.The tides have absolutely turned in the peoples favor.The prohibition of the herb is now in a death spiral.Mean and green,LONG LIVE GOD'S GREEN HERB!The shackles off the industry,now we can we start making some money.
Marijuana Won Tuesday's Election
https://www.forbes.com/sites/tomangell/2017/11/08/marijuana-won-tuesdays-election/#35b6f7519950
And Walmart is a good example of selling everything to everybody from multiple locations across the U.S.How many people named Walton are listed in the top 15 richest people in the world?Hint -it's a number between 2 and 4.Even with your math skills,I bet you can guess that one.
Nice 11% gain for the day.Now ,who's not happy with that?Fruitpacker?
Whattaya mean .235? I want $ 5.00 a share by end of day or I'm gonna stomp my feet and jump up and down.Sorry,I jammed too many pears.I'm OK now :)
For the life of me I can't understand why you choose to business with criminals.If I felt that way about TRTC I would certainly bail from here and find some nice upstanding ,law abiding folks to play ball with instead of those criminals of which you keep speaking about.It sure gets old.
According to your own words a short while ago you said you were going to try to be more positive about our TRTC investment and quit the daily negativity.I see green 5% gains for multiple days right now.What are you seeing that keeps you so angry?TRTC is no longer in the pump-n-dump category.Sit tight for the long term joyride.This business is really just getting off the ground.
In case you haven't noticed,that Clarence,NY company(which happens to be within 15 miles of me)is down around 35% the past month.They did go bonkers for the past year or so,I wanna say about 5-fold,but they have been "correcting" in recent weeks.It's about time for our TRTC to start making a run.It's been a while but the time is now upon us for TRTC to begin heating up.Q3 report and Cali legalization are knockin' at the door.
This isn't "the beginning of the end"
It's the ending of the beginning....
---- Now that is truly a GREAT statement, IP.The "anti's" should all tattoo that on their collective foreheads as a daily reminder when they look in the mirror.
I've said it before,if I have "infused" rolling papers does one need to buy good mj?Can't i just mow my lawn and then roll it up? Either that or else go back to buying cheap ass brown weed rolled in a high octane paper.Not sure I see the point with the infused paper thing.If one smokes a quality product I see no need for the infused paper.
Sure it is.They are just"factory rolled".You can buy loose tobacco and roll your own cigs in rolling papers if you want to.
BOOM-Nice leg up this morning.Keep it up,up,up TRTC.
I can't argue with that at all.Just trying to lighten things up a little before all the doom and gloom posters begin their day.
"as you guys know i have my moments of disgust and extreme negativity".-- I guess I hadn't noticed that from you :)
Well if Walmart took em over, we'd see ounces go down to about $59.97.Good for those of us who may partake.
They need to send that racist SOB back to Allybamee,or else to Moscow.
Nice synopsis there Kuberax.Some seem to think that Derek should be living in his Mom's basement,as they probably are.The man is building a tremendous multi-state company that's selling 10's of millions $$$ of product annually.He's worthy of a nice house to live in.Actually TRTC is one of the few that I'm invested in that has made me money.I've got a whole list of others that show me nothing but red.But my TRTC is the best shade of green I have in my portfolio.And I absolutely expect it to get greener as the weeks, months,and years go by.Long and strong TRTC.
I respectfully disagree with you as far as TRTC showing profit on the coming report.Still not the right time,and monies are being re-invested to grow out the business for the impending "green rush" in California and beyond.Your second paragraph hits the nail on the head re:promotion of other stocks by TRTC naysayers.
They are all peas in a pod.Look at his boss and the rest of the cronies.The swamp is now officially overflowing.Can our country survive this attempted coup?If we do we'll hopefully come out stronger."FOR THE PEOPLE".The PEOPLE WANT LEGAL WEED.Stop using prohibition as a tool of oppression against the people.LEGALIZE and reap the financial rewards.TRTC will prosper tremendously when that happens.STAY THE COURSE,Derek.Keep growing this baby we call Terra Tech.It gets closer everyday.Fly those cannabis flags.LEGALIZE,FOR THE PEOPLE.
Thanks BidnessMan for taking the time and making the effort to keep some reality posted here among the nonsense.I know it can get tiresome.And also to the handful of others that contribute meaningful points re:TRTC.You should be getting OT pay.Good luck to ALL OF US here that keep it real and know the potential of what we possess.Very soon the nonsense will be permanently silenced, IMO.We are on the verge of breaking out and moving on up.Two months til Cali rec becomes a reality.
Price on the rise today with some decent volume .Hopefully the bloodletting is finished.Except for when the vein in the forehead pops for he-who-jams- pears.Soon the son rises for TRTC.
Yeah Murph, "trust him".Now ain't that a hoot.With all of his fine DD and up to date informative reporting,"trust him".Mr. cut and paste repetitive keyboard slammer.Now that one made me laugh.
A 3 year old article from a rag doesn't qualify as real news.
It would be awesome if those he keeps calling criminals sued his ass for libel and defamation of character.The boys in cell block "c" would love to do some jamming of the pears.
I gotta say I agree with your outlook.I'm hoping for a little uptick before the Q3 #'s come out.I'm thinking that report is going to be stellar as far as revs go.Keep in mind they've continued to acquire and build out, so no profits in this still federally illegal business.That's fine by me,but is sure to cause some more negative reactions by those who have nothing better to do(see your second paragraph :) Once the revs are reported I think some smarter money starts to flow in our direction and the pps rises a bit more.As Cali legal gets closer on Jan 1st steady BUT SLOW rise.Not looking for any wild rises in pps yet,but it's gotta start moving upward,IMO.That's my prognosis,FWIW.--"Looking for a place to happen,making stops along the way-ayy" Tragically Hip -RIP Gord Downie
You oughtta learn how to read before you respond,cupcake.
Pretty sure you wouldn't know the "truth " if it crapped on your head.
Wow looking for 11's.What a wonderfully new and relevant thought that is.
It's simply information relevant to TRTC.I know that you're not really into posting relevant info,you simply like to whine everyday.Suck it up cupcake.
Terra Tech mentioned as one of the "good stocks" to buy---https://www.profitconfidential.com/marijuana/marijuana-stocks/how-to-profit-from-marijuana-stocks-with-californias-possible-billion-dollar-sales-by-end-of-2017/
Yeah "IP",your last four sentences hit the nail on the head.I just don't get the point of all that nonsense.I guess everyone needs a hobby,but I can think of better things to do with my time,for sure.
I see some of the naysayers complaining about "oh it's always about the future with you guys",re: those of us who believe in the future of TRTC.Well,that's EXACTLY WHAT IT IS ABOUT.One can't keep looking at the past and judging TRTC. It's a new dawn that has just begun in the world of legal recreational mj businesses.RECREATIONAL SALES are a NEW THING.Basing your future outlook on the past of these companies(while they were spending money building out the business) is foolish.It's NEW,it's GROWING,it's becoming MORE MAINSTREAM.Regulations are,or will be , addressed very soon.That will be a boon to all of these legit mj companies of which TRTC is definitely a big one.The past is gone,the future is upon us.You'll never find great love if you continue to cry over the girl who broke your heart in high school.Get over it,suck it up, and move forward.TRTC is one of the legit ones to move forward with.Good luck to all of those who believe in the future of TRTC,including myself.--RIP- Gord Downie(Tragically Hip).We lose another great one.A true poet and fantastic frontman.