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| TRTC Announces Record Numbers Now We Know Why the Stock is on Fire |
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 Hot Stock to Watch |
Company: Terra Tech Corp. (OTCQX: TRTC)
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Last:
Price: 0.262
Change (%): - 0.031 (10.58)
Volume: 15,820,101 |
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Terra Tech Corp. Reports Record Revenues for Year End 2015
41% revenue growth year-over-year for full year 2015
44% revenue growth quarter-over-quarter for Q4 2015
NEWPORT BEACH, Calif., March 29, 2016 /PRNewswire/ - Terra Tech Corp. (OTCQX: TRTC) (“Terra Tech” or the “Company”), a vertically integrated cannabis-focused agriculture company, today announced its financial results for the year ending December 31, 2015.
“After a year of progress in the cannabis industry, including the implementation of California’s Marijuana Regulation and Safety Act, we entered 2016 with continued optimism about what the future holds for Terra Tech,” commented Derek Peterson, CEO of Terra Tech Corp. “During 2015 we took a number of important steps to position the Company for growth as the industry continues to reduce barriers to the supply of medical cannabis. In particular, we launched IVXX, our proprietary medical cannabis brand, which positions Terra Tech as a leading provider of high quality cannabis products and propelled us to the forefront of innovation in the industry. The launch of IVXX is particularly exciting for the Company given the rate of growth that we are seeing in the medical cannabis markets and the rapidly evolving regulatory landscape, which is becoming increasingly friendly to patients looking to alleviate their symptoms with responsible use of medical cannabis products. Although we are in the early days of marketing IVXX products, we are encouraged by the traction generated to date and are pleased to report that IVXX-branded products are now being sold in approximately 200 dispensaries across California and Nevada.”
“We also recently announced the pending acquisition of Blum Oakland, a medical cannabis dispensary in California, which will expand our reach into retail. Now that we touch every phase in the cannabis life cycle we are confident that we have a strong platform to rapidly expand our commercialization efforts and establish the IVXX brand as a market leader. As part of our strategy to expand our retail presence, in 2015 we secured eight permits to open Blum cannabis dispensaries in Nevada, the first of which is due to open next month. By expanding into Nevada we are opening up our total addressable market significantly as Nevada is the only state to recognize the patient-status of non-residents.”
“Edible Garden also saw improved results and its organic products are now sold in 1800 retailers across 18 states. We worked to expand our selection of organic produce during the year and to gain recognition as providers of high quality produce. We have been granted the Global Food Safety Initiative (GFSI) certification, among other certifications, as evidence of the quality of our products. Our initiatives to grow the Edible Garden business led to a 30% increase in sales in this segment, year over year.”
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