Like many other stocks in the cannabis sector, Terra Tech Corp (OTCMKTS:TRTC) has been on a downtrend lately. However, July 1st, marks the first day that the new marijuana laws go into effect, making the recreational use of marijuana in the State of Nevada legal. This event is causing the stock to show signs of a reversal. On June 30, 2017, the stock gapped up on the open from $.1744 to $.1812, and traded up to an intraday high for the day of $.1950, on higher than average volume. On the next trading on July 3rd, (date of this article), the stock gapped up again on the open from $.1788 to $.2145, and traded up to an intraday high for the day of $.2560, with much higher than average volume. The stock closed at $.2395. The trading day after the 4th of July holiday should prove to be interesting.
In May 2017, Nevada’s Tax Commission approved temporary regulations to allow an “early start” for adult-use cannabis sales to commence July 1, 2017. This early rollout makes Nevada the fifth state with an operational adult-use market and the first to launch since last November’s election. The state’s adult-use cannabis program is projected to generate more than $70 million for the state over the first two years, according to data from the Las Vegas review Journal. Terra Tech Corp. was able to take advantage of the July 1st event in Nevada.
For the benefit of those readers that are not familiar with the Company, Terra Tech Corp. operates through multiple subsidiary businesses including: Blüm, IVXX Inc., Edible Garden, and MediFarm LLC. Blüm’s retail and medical cannabis facilities provide the highest quality medical cannabis to patients who are looking for alternative treatments for their chronic medical conditions as well as premium cannabis to the adult-use market in Nevada. Blüm offers a broad selection of cannabis products including; flowers, concentrates and edibles through its Oakland, CA and multiple Nevada locations. IVXX, Inc. is a wholly-owned subsidiary of Terra Tech that produces cannabis-extracted products for regulated medical cannabis dispensaries throughout California and medical and adult-use dispensaries in Nevada. The Company’s wholly-owned subsidiary, Edible Garden, cultivates a premier brand of local and sustainably grown hydroponic produce, sold through major grocery stores such as ShopRite, Walmart, Winn-Dixie, Raley’s, Meijer, Kroger, and others throughout New Jersey, New York, Delaware, Maryland, Connecticut, Pennsylvania and the Midwest. Terra Tech’s MediFarm LLC subsidiaries are focused on medical and adult-use cannabis cultivation and permitting businesses throughout Nevada.
On June 29, 201, Terra Tech Corp announced its Dual Use Marijuana business licenses have been approved by the State of Nevada Department of Taxation. This approval allows all four of the Company’s Blüm cannabis dispensaries in Nevada to commence sales of cannabis for adult-use, starting Saturday, July 1, 2017. This represents a major expansion of the Company’s potential customer base which also includes the 40+ million tourists who visit the Las Vegas Area, and the almost five million tourists who visit Reno, annually. Derek Peterson, Chief Executive Officer of Terra Tech Corp., commented:
“Today, Terra Tech’s cannabis operations have expanded from being purely focused on serving the needs of patients to encompassing the adult-use cannabis market in Nevada. Receiving our Dual Use Marijuana business licenses is a major milestone for the Company and we are proud that all four of our medical dispensaries were granted approval to enter the adult-use market. Our dispensaries will offer our proprietary IVXX brand of premium cannabis, flowers, shatters, waxes and oils, among other high-quality cannabis products from a range of reputable providers of superior grade medical and adult-use cannabis. As we roll out these products to the adult-use market we are committed to ensuring that medical cannabis patients will continue to receive superior service at our dispensaries.”
There has been no changes in the financial reporting since our recent last review on June 22, 2017. Current market capitalization stands at $141.55 million, on 591.04 million shares outstanding as of July 3, 2017.