Terra Tech Corp Makes Big Investment in Itself, Shares Soar
Terra Tech Corp (OTCMKTS:TRTC) started the year out strong, but, like the rest of the cannabis industry, it has been frustrating investors. By mid-March, the company had seen its share price soar 235% year-to-date. But as of this writing, TRTC stock is trading at $0.41 per share, down 27% since the start of 2019.
All is not lost though; thanks to a number of new developments, the outlook for Terra Tech stock has turned bullish.
Recently, the company announced it would be repurchasing $20.0 million worth of its own stock. This is in addition to a previously-announced repurchase of shares connected to the settlement of a lawsuit.
Terra Tech also recently launched a cannabis delivery service in California and opened a “Blüm CBD” retail location in Downtown Las Vegas.
Furthermore, as part of the company’s streamlining efforts to cut non-core assets, Terra Tech sold its Blüm CBD retail assets in Reno. The company has also zeroed in on some potential acquisition targets.
All this has helped Terra Tech report solid revenue growth and clears a path toward profitability.
TRTC Stock Overview
Terra Tech Corp is a vertically integrated (seed-to-sale) agricultural business based in Irvine, California. The company operates several subsidiaries, serving the cannabis and agriculture sectors. These include Blüm, IVXX, Inc., Edible Garden, and MediFarm LLC. (Source: “Investor Presentation April 2019,” Terra Tech Corp, last accessed September 19, 2019.)
Blüm is the company’s retail division that provides medical and recreational marijuana in California and Nevada. At its dispensaries, consumers can get their hands on everything from flower, concentrated cannabis products, and edibles.
IVXX creates various medical and recreational marijuana products in labs. IVXX-branded products are available in more than 200 stores, including the Blüm dispensaries.
The MediFarm subsidiary secures permits for Terra Tech for cannabis cultivation, production, and dispensaries in California and Nevada.
Terra Tech doesn’t just operate in the weed sector. Through its wholly-owned Edible Garden subsidiary, the company grows hydroponic produce, including lettuce and herbs. You can find Edible Garden products at major grocery stores, including Walmart Inc (NYSE:WMT), Kroger Co (NYSE:KR), and ShopRite Holdings Ltd (OTCMKTS:SRGHY, JSE:SHP).
TRTC Stock Information