The Latest On Terra Tech Corp (OTCMKTS:TRTC)

Terra Tech Corp (OTCMKTS:TRTC) has been climbing like the rest of the cannabis sector ahead of the November ballot initiatives. We said at the beginning of October that Terra Tech was due for a breakout. The stock developed a similar pattern that we saw in June and July. TRTC established support at the $.30 level, hit resistance at $.40, and then broke through that resistance and ran to $.50 a share. History did indeed repeat itself and we we're right on the money with TRTC, just as we have been all year with the company. In case you don't believe us, check out what we wrote back in January.For those not familiar with Terra Tech, it is the only US-based, publicly-traded company that touches every aspect of the cannabis lifecycle—from cultivation, to extraction, to branding, and to retail sale. Furthermore, typically retail outlets can pay up to $2,500 per pound of cannabis from cultivators and sell it for about $5,000 per pound. On-site cultivation reduces that cost to about $600-$800 per pound, while the company’s retail price will remain at industry levels and can be as high as $7,000 per pound, depending on the strain. We said back in March:

No other company in the marijuana industry is as primed to benefit from the coming tide of legislative changes that will transform the industry. We think 2016 will be a great year for the marijuana industry. The reason being is that the marijuana industry has a lot of tailwinds heading into 2016. Roughly 14 states could legalize marijuana this year, adult-use cannabis or possibly both, either at the ballot box or through state legislatures. While it’s doubtful all those states will be successful, there’s a good chance at least a handful will legalize in 2016. No other single year has offered such incredible promise in terms of the sheer volume of states that could legalize, thanks to other pioneering marijuana markets and growing support for cannabis in general.

Two weeks ago, Terra Tech subsidiary Blüm was granted a license by the City of San Leandro, California, to open a new retail facility. Blüm said that it will work with San Leandro City staff to develop a commercial cannabis facility that meets the needs of the residents of San Leandro and the requirements of the City on the 13,000 square foot site, located at 1911 Fairway Drive. Terra Tech expects to start construction of the new facility in January 2017. The new Blüm location in San Leandro will significantly increase the availability of the Company's proprietary IVXX™ brand of premium medical cannabis, flowers, shatter, wax and oil, in addition to other superior grade medical cannabis products from a range of reputable providers.Terra Tech also held the Grand Opening of its latest Blüm retail dispensary on October 22, 2016. This is Terra Tech's third retail location in Nevada and follows the opening of the Western Las Vegas Dispensary in April, 2016 and the South Decatur Boulevard Las Vegas Dispensary in August, 2016. The 5,220 square foot facility is located at 1130 East Desert Inn Road, Las Vegas, east of the Las Vegas Strip next to the Convention Center. The Decatur Boulevard Blüm Dispensary will offer the Company's proprietary IVXX™ brand of premium medical cannabis, flowers, shatters, waxes and oils, among other high-quality cannabis products from a range of reputable providers of superior grade medical cannabis. CEO Derek Peterson said:

"With the opening of our third Blüm dispensary in Nevada we are able to position Terra Tech as an industry leader in the medical cannabis market at a time when the legal cannabis industry is gaining momentum. Desert Inn is a strategic location for Terra Tech because Las Vegas attracted a record-breaking 42 million tourists in 2015. As Nevada is one of the few states to accept both local and out-of-state medical cannabis authorizations as part of a multi-state reciprocity agreement, this enormous tourism market is accessible to medical cannabis providers. There is a significant market opportunity for well-managed legal operators to establish themselves as leaders in this fast growing sector. Given the early success of our Western Las Vegas and South Decatur Boulevard dispensaries which opened this year, we are confident the Desert Inn dispensary will play a meaningful role in our expansion into a nationwide medicinal cannabis provider."

Currently trading with a market cap of $240 million, TRTC still has plenty of run room left as shares are still below their April highs of $.75 a share. We expect the majority of next week's ballot measures to pass and this will keep the momentum going for TRTC and the entire cannabis sector. Terra Tech will also be coming out with third quarter earnings soon and we believe they're going to deliver an upside surprise to the markets. With all these catalysts coming up, TRTC looks primed to continue its bull run.We will be updating our subscribers as soon as we know more. For the latest updates on TRTC, sign up below!Disclosure: We have no position in TRTC and have not been compensated for this article.