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 Hot Stock to Watch |
Company: Terra Tech Corp (OTCQX: TRTC)
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Last:
Price: 0.198
Change (%): - 0.0103 (4.94)
Volume: 4,214,029 |
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Terra Tech Corp. Reports Financial Results for the Third Quarter of 2017
Revenues increased 46% year-over-year, driven by adult-use sales in Nevada
IRVINE, CA-(Marketwired - November 09, 2017) - Terra Tech Corp. (OTCQX: TRTC) (“Terra Tech” or the “Company”), a vertically integrated cannabis-focused agriculture company, today announced its third quarter 2017 financial results for the period ended September 30, 2017.
“The third quarter marked the expansion of Blüm℠’s cannabis sales into Nevada’s adult-use market for the first time,” said Derek Peterson, Chief Executive Officer of Terra Tech Corp., “This was a turning point for the Company, as it opened up our total addressable market significantly. We are pleased with our early-stage traction in the adult-use market, which drove 82% revenue growth in the cannabis segment compared with the same period in the prior year. To support the increased demand for cannabis products throughout Nevada we are expanding our cultivation and production facilities through an arrangement with NuLeaf, and expect to start ramping production at the new facilities in Sparks, NV and Reno, NV by the end of the year.”
Mr. Peterson continued, “We expect the favorable market conditions to continue to accelerate our growth, with California adult-use sales expected to come online in 2018. We have taken several steps to position the Company to leverage this major opportunity, including expanding our Blüm brand in California by operating a new dispensary in Santa Ana (previously known as The Reserve), and constructing a new Blüm dispensary in San Leandro, which is expected to open in early 2018. We are investing in our California production facilities so that we can rapidly pivot to meet demand from the adult-use market as legal sales commence in 2018. During the third quarter we signed our second craft cultivator agreement to enable us to expand our production, and our new cultivation facility in Oakland, California is expected to be fully operational in early 2018.
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