Terra Tech Corp. (OTCQX: TRTC) operates as a vertically integrated cannabis-focused agriculture company. The company has multiple subsidiary businesses including: Blum, IVXX Inc., MediFarm LLC and Edible Garden.
The Company is expanding its presence in Southern California as the state’s cannabis market continues its transformation from a black market economy into a multibillion-dollar, regulated market.
TRTC shares spiked a couple weeks ago on news of Phase I Permits, hitting a high of $2.53 per share. The company shares have since consolidated to their current price level of $1.79.
Their dispensary model is providing consistency in every patient experience. They are setting a higher standard for patients who utilize their dispensaries – they can expect the same look, feel, experience and strong sense of security at every location.
Recent Events
September 24, 2018. Terra Tech announced that the City of Santa Ana has granted its East Dyer Road, East Carnegie Avenue and South Tech Center Drive locations vertically-integrated Phase I permits. These permits allow the Company to commence development of cultivation, manufacturing and distribution capabilities at these locations. Moreover, upon completion of the build-out of each location’s facilities, they also confer upon the Company the right to apply for Phase II permits which are needed to commence commercial activities. https://finance.yahoo.com/news/terra-tech-corp-granted-phase-123000574.html
August 23, 2018. Terra Tech announced that its subsidiary, Edible Garden, a nationwide provider of fresh, locally-grown herbs and leafy greens, has been selected by Stop & Shop and Giant-Landover to supply organic leafy greens to their retail outlets. The first orders of Edible Garden’s organic leafy greens to both new customers will be shipped in the fourth quarter of 2018.
Edible Garden is a national brand grown by a co-op of local growers of fresh, hydroponic herbs and produce whose process utilizes all natural, classic Dutch hydroponic farming methods providing its customers with healthy and natural products. Edible Garden’s superior-quality products are GFSI certified, Non-GMO Project Verified, Certified Kosher and free from pesticides, herbicides, residues or contaminants. https://finance.yahoo.com/news/terra-tech-subsidiary-edible-garden-123000690.html
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Products
IVXX products
Oils Waxes Shatters Clears
Custom Joints I-Hybrid S-Hybrid
Edible Gardens produces and markets, Butterhead Lettuce and 11 different herbs.
Blum™ is a retail medical cannabis facility focused on providing the highest quality medical cannabis to patients who are looking for alternative treatments for their chronic medical conditions. Blum™’s focus is to provide the highest level of personal care coupled with a broad selection of medical cannabis products including flowers, concentrates and edibles.
About
Terra Tech Corp. operates through multiple subsidiary businesses including: Blum, IVXX Inc., MediFarm LLC and Edible Garden. Blum’s retail medical and adult use cannabis facilities focus on providing the highest quality cannabis to its customers. Blum offers a broad selection of medical and adult use cannabis products including; flowers, concentrates and edibles through its Oakland and Santa Ana, CA and multiple Nevada locations. IVXX, Inc. is a wholly-owned subsidiary of Terra Tech that produces medical and adult use cannabis-extracted products for regulated medical cannabis dispensaries throughout California. Terra Tech’s MediFarm LLC subsidiaries are focused on cannabis cultivation and permitting businesses throughout 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, Ahold, Aldi, Meijer, Kroger, and others throughout New Jersey, New York, Delaware, Maryland, Connecticut, Pennsylvania and the Midwest.
Financial review
Q2 2018
Total revenues generated for the quarter ended June 30, 2018 were approximately $8.7 million, an increase of 11% from $7.8 million in the same period in 2017.
Gross margin for the quarter ended June 30, 2018 amounted to approximately 25.3%, compared to approximately 19.2% for the quarter ended June 30, 2017, primarily attributable to the cannabis segment, where the Company generated higher revenues to cover its fixed overhead costs.
Selling, general and administrative expenses for the quarter ended June 30, 2018 amounted to approximately $8.0 million, compared to approximately $6.0 million for the quarter ended June 30, 2017.
The net loss attributable to Terra Tech for the quarter ended June 30, 2018 was approximately $(11.4 million) or ($0.17) per share compared to a loss of approximately $(0.5 million) or ($0.01) per share for the quarter ended June 30, 2017.
The Company had $5.2 million in cash as of June 30, 2018, compared with $5.4 million as of December 31, 2017.
Stockholders’ equity for the quarter ended June 30, 2018 amounted to approximately $91.0 million, an increase of approximately $14.2 million compared to approximately $76.8 million as of December 31, 2017.
The Company had no short-term debt as of June 30, 2018. Long term debt was $12.8 million as of June 30, 2018, compared with $6.6 million as of December 31, 2017.
Stock influences and risk factors
Continuing growth in the California cannabis market may act as a catalyst for the company’s shares.
They will likely need additional capital to sustain our operations and will likely need to seek further financing, which they may not be able to obtain on acceptable terms, or at all.
They face intense competition and many of their competitors have greater resources that may enable them to compete more effectively.
Federal regulation and enforcement may adversely affect the implementation of cannabis laws and regulations may negatively impact their revenues and profits.
Stock chart
On Friday, October 5th, 2018, TRTC shares closed at $1.79 per shares on traded volume of 782K shares. The current RSI (14) is 44.17
At $1.79, TRTC shares are trading below their 50 DMA and 200 DMA of $1.88 and $2.97 respectively.
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