Terra Tech Corp (OTCMKTS:TRTCD) to Establish Early Foothold in NJ Cannabis Space We are quite familiar with Terra Tech Corp (OTCMKTS:TRTCD) here on Street Register, and this week, the company has undergone a 1-for-15 reverse stock split of its outstanding common shares, with the intent to increase the per share trading price of its stock to satisfy the minimum bid price requirement for up-listing to a major stock exchange.
TRTCD has cannabis holdings in California, where, as you know, recreational marijuana sales kicked off in January. The company commenced adult-use cannabis sales to the California market immediately through its Blüm retail dispensaries located in Oakland and Santa Ana. In our last mention of TRTCD, we noted that the company had received a State of California Temporary Authorization to conduct medical and adult cannabis retail sales, manufacturing, cultivation, which lasts until July, at which time the company will have had to obtain a full annual license.
In the meantime, Terra Tech Corp (OTCMKTS:TRTCD) released a guidance summary for 2018 that we wanted to pass along to our readers in advance of the earnings call that takes place this week(03/15/18). Among the topics to be covered in greater detail on the call will be the large $40 million investment the company received, as well as the build out of the Company’s cultivation, extraction and retail infrastructure in California, Nevada and New Jersey.
Through organic growth and its M&A strategy, the Company expects to achieve a footprint within the California market that allows for the production of up to 20,000 pounds per year of cannabis there. The company has two Blum dispensaires open in the State, as we mentioned above, and it’s working on building a new location as well.
The Company has four Blum locations in Nevada, and has completed construction of a new 30,000 square foot cultivation facility in Sparks, and a 15,000 square foot extraction facility in Reno, through a joint venture with NuLeaf. The Company is awaiting final State approval to begin IVXX production at the Reno facility.
In New Jersey, TRTCD is constructing a major new pack house to distribute salads and leafy greens for its subsidiary, Edible Garden, and is working on the infrastructure needed to penetrate the New Jersey cannabis market, which is expected to legalize adult use cannabis this year.
Derek Peterson, Chief Executive Officer of Terra Tech, commented, “We continue to make significant headway executing on our strategy to position Terra Tech as a foremost player in the multi-billion dollar legal cannabis market. Our Blüm retail dispensaries and wholesale high grade ‘IVXX™’ flowers and oils have emerged as leaders in the California and Nevada markets, cementing our reputation as a premium brand and driving rapid revenue growth for the Company over the past several quarters…” (Source: Market Wired)
Despite the Federal government’s non-cooperation with the industry unfolding in the several states where voters have chosen to adopt legal cannabis, the industry is still growing by leaps and bounds. The allure of massive tax windfalls, and the lack of any serious trouble caused by the legal use markets in operation for years now, will eventually cause more dominoes to fall. TRTCD believes New Jersey will be the next one, and in addition to its activities in other states, we will be eager to track its efforts in establishing an early foothold there.
“The only thing necessary for the triumph of evil was that good men should do nothing.”--Edmund Burke
