Terra Tech Corp (OTCMKTS:TRTC) has made significant advancement since the announcement of its grand opening date for its first cannabis dispensary in Nevada. The share price is up over 70% since the announcement as of today and continues to consolidate but could be ready for another leg up as it is in the formation of a bullish flag.
Volume has been increasing and well above average which bodes well for shareholders and investors who welcome the increased liquidity. TRTC traded as high as $1.40 in 2014. If it were to surpass those high it would gain over 900% from current levels. Technically, the stock has broken above its 10 weekly moving average and 30 weekly moving average on huge volume. It has not consolidated right at its 10-weekly moving average which is very bullish. The stock looks to be setting up for another thrust higher.
The dispensary that was opened in Nevada is a 3,900 square foot facility. Through the dispensary TRTC will sell premium medical cannabis, including flowers, shatters, waxes and oils, among other high-quality cannabis products from a range of reputable providers of superior grade medical cannabis. The dispensary is due for its final inspections by Nevada and Las Vegas very soon (late March) and also expects to receive is business license from Las Vegas as early as April. The grand opening is set for April 20, 2016.
TRTC operates as a holding company. The three wholly owned subsidiaries include GrowOp Technology Ltd., Edible Garden Corp. and IVXX, LLC. TRTC also has ownership interests in MediFarm, MediFarm I and MediFarm II. Through GrowOp it designs, markets and sells hydroponic equipment and indoor agriculture. Edible Garden subsidy acts as a retail seller of locally grown hydroponic produce. Edible Garden Corp. distributes hydroponic produce across the Northeast, Midwest and Florida. Edible Garden supplies local and sustainable products grown from hydroponics to major grocery stores including Shoprite, Kroger, Walmart, and others.
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TRTC is currently trading at a $42.49 million market valuation. It will be opening its first dispensary in Nevada in a little over a month which should provide a boost to its revenues given tourist season beginning. In addition, it has developed a three pronged strategy through its subsidies and currently sells to major grocery chains like Walmart and Kroger which is a boost to investors’ confidence. TRTC will likely continue its turnaround in a meaningful way as it rises from the ashes. Stay tuned as we will be updating subscribers daily.
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Disclosure: we hold no position in TRTC either long or short and we have not been compensated for this article.