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Terra Tech Corp (OTCMKTS:TRTC) Is The Best Bet On Nevada Cannabis Boom

Terra Tech Corp (OTCMKTS:TRTC) Is The Best Bet On Nevada Cannabis Boom
Written by
Richard Sandle
Published on
September 5, 2017
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Terra Tech Corp (OTCMKTS:TRTC) was able to get a running start on the Nevada recreational cannabis market as we reported on our last review of the Company on July 17, 2017. The Company continues its expansion strategy to stay ahead of the curve in taking advantage of new and expanding cannabis markets as more states legalize cannabis.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 August 30, 2017, Terra Tech Corp announced that it signed a non-binding letter of intent to acquire 50% of NuLeaf Sparks Cultivation LLC and NuLeaf Reno Production LLC. The acquisition is expected to fast track Terra Tech's cultivation and production facilities allowing them to introduce their IVXX wholesale brand as well as support increasing demand for cannabis products throughout Nevada.NuLeaf Sparks holds a Nevada medical cannabis cultivation license and is in the process of constructing a 30,000 square foot cannabis cultivation facility in Sparks, Nevada. NuLeaf Reno holds a Nevada medical cannabis production license and is in the process of constructing a 15,000 square foot cannabis production facility in Reno, Nevada. Both facilities are expected to be completed by the fourth quarter of 2017. Derek Peterson, CEO of Terra Tech, commented:

"This partnership will allow us to rapidly increase our time to market without needing to invest vast amounts of time or capex into establishing cultivation and production capabilities from scratch. The NuLeaf team, which has operated BPG cannabis dispensary in Berkeley, CA, has been a premier vertically integrated supplier in California for over two decades. Our combined experience positions us to be a dominant force throughout Nevada.”

Terra Tech Corp announced on August 22, 2017 that its subsidiary, Edible Garden, a nationwide provider of fresh, locally-grown herbs and leafy greens, continues to expand its product range with the launch of a new line of fresh-cut herbs, under the name 'Snip Its™', for individuals seeking out healthier salad alternatives that are free of genetically modified organisms. The new line of products is to be retailed at a major national grocery chain that supports health and wellness, and serves more than 40 million customers each month.Terra Tech Corp also announced on August 03, 2017 that it formed a new advisory board to guide Terra Tech's long-term growth strategy. The company appointed Mr. Alan Gladstone as the first member of the board to provide strategic guidance to management as the Company enters a new growth phase. Mr. Gladstone is an industry veteran with decades of entrepreneurial and executive-level experience.On the financial front, on August 08, 2017, Terra Tech Corp reported its second quarter financial results for the period ending June 30, 2017. Total cannabis segment revenues were $6.0 million in the second quarter of 2017, compared with $3.8 million in the comparable period in the prior year.The second quarter momentum is expected to accelerate in the second half of the year, boosted by adult-use cannabis sales in Nevada, which commenced in July 2017. Gross profits for the second quarter ended June 30, 2017 were approximately $1.5 million, compared with $1.6 million in the prior year period.The Company realized an operating loss of approximately $4.5 million for the second quarter of 2017, compared to an operating loss of approximately $3.8 million for the second quarter of 2016. The Company’s balance sheet reports Net Tangible Assets at $121 million. Current market capitalization stands at $159.24 million, on 649.97 million shares outstanding as of September 1, 2017.

Since our last review of TRTC, the stock has been trading in a tight range with a resistance level at about $.2918, and support at about $.2143. The stock is currently trading at $.2450 a share.Terra Tech Corp is showing growth in revenue, a strong balance sheet, and is in the cannabis industry, one of the fastest industries growing today. The savvy investor looking to play Green Rush 2.0 should view TRTC as a must-own cannabis stock. We will be updating our subscribers as soon as we know more. For the latest updates on TRTC, sign up below!For the complete story, check out our full coverage on TRTC.Image courtesy of Cheryl Shuman via FlickrDisclosure: We have no position in TRTC and have not been compensated for this article.

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