Terra Tech Corp (OTCMKTS:TRTC) shares were up 4.79% to $0.317 and down 0.79% in after-hours trading to $0.315. The company has a market cap of $165.53 million at 521.35 million shares outstanding. Share prices have been trading in a 52-week range of $0.09 to $0.75.
Terra Tech Corp is a cannabis-focused agriculture company which operates through two segments: Hydroponic Produce and Cannabis Products. Through its subsidiary, GrowOp Technology Ltd, it is engaged in the design, marketing and sale of hydroponic equipment. It is also a retail seller of locally grown hydroponic produce, herbs, and floral products through its subsidiary, Edible Garden Corp.
Terra Tech Corp intends to operate medical marijuana cultivation, production and dispensary facilities in Nevada through its subsidiaries, MediFarm, MediFarm I, and MediFarm II. Through its subsidiary, IVXX, Inc, it produces and sells a line of cannabis flowers and cigarettes, among others. The hydroponic produce segment consists of Edible Garden’s business and operations. Its cannabis products segment consists of IVXX’s business, as well as the proposed business operations of MediFarm, MediFarm I and MediFarm II.
Just recently, Terra Tech Corp eported that its new Blüm dispensary based in Nevada will open on January 2, 2017 with a grand opening on the 12th. It is is currently open to the public for preregistration and 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.
It is our great pleasure to announce that Blüm Reno has successfully completed all of its inspections with the State of Nevada and officially received its Nevada State Medical Marijuana Establishment (“MME”) Registration Certificate,” remarked Terra Tech CEO Derek Peterson. “Our dispensary in Northern Nevada successfully received the MME Registration Certificate without one deficiency and I am proud of our team for all its hard work getting us to this stage. This is our fourth dispensary in Nevada to open in less than a year, giving us a strong presence in the state. Moreover, in November 2016, Nevada took the historic step of approving the legalization of recreational cannabis. We believe that our efforts to establish Blüm as a leader in the medical cannabis market have uniquely positioned the Company to capitalize on the emerging market for legal cannabis, where we see significant opportunity for growth.”
This expansion follows the opening of the Desert Inn Dispensary in October last year, the South Decatur Boulevard, Las Vegas Dispensary in August and the Western, Las Vegas Dispensary in April. These signal how the company has been aggressively establishing its presence in the Nevada area, which is poised to become one the largest markets for recreational marijuana following the November 8 vote. Additional stock gains are expected to follow as media is invited to cover the grand opening of the latest dispensary later this month. Terra Tech Corp has also operated a Blüm dispensary in Oakland, California since April 2016.
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