Yes they do! Your accusation about TRTC is wrong and here is why. Total revenues generated for the quarter ended June 30, 2016 were approximately $9.7 million, compared to $5.0 million in the same period in 2015. This is an increase of 93% from the quarter ended June 30, 2015.
The increase in second quarter revenues was primarily attributable to sales from the acquisition of the Blüm dispensary in Oakland, California, which closed on April 1, 2016, and sales from the Western, Las Vegas Blum dispensary which opened during the quarter. Second quarter revenues also benefited from higher Edible Garden sales of its produce, herbs and floral products. Gross margin for the second quarter of 2016 amounted to approximately 17%, compared to a gross margin of approximately 5% for the second quarter of 2015. The improved margins were attributable to better margins at Edible Garden, as the business continues to scale and higher gross profit from the cannabis segments of Blum and IVXX.
Stockholders’ equity for the second quarter of 2016 amounted to approximately $41.5 million, compared with approximately $6.3 million as of December 31, 2015. The increase is attributable to the Blum Oakland acquisition reduced by the current quarters’ loss. Shares are now trading at just 3.1 times book value. This is certainly impressive for a cannabis company.
On the retail side, Terra Tech opened the Company’s first Nevada-based medical cannabis dispensary, located at 1921 Western Avenue in Las Vegas. The second Nevada-based medical dispensary, located at 3650 South Decatur Boulevard, Suite 6 & 7, Las Vegas, Nevada. On the IVXX side of things, Terra Tech launched two new pre-filled cannabis cartridge lines. These are sold at its Blum locations and to other dispensaries as well. What Terra Tech has been able to do is figure out with its Blum locations is how to best sell IVXX products. The company can then go to other dispensaries and tell them what works and what doesn’t. This is a win/win. The dispensary moves product and IVXX sells more cartridges. Not to even mention the other concentrates.
