Terra Tech Corp (OTCMKTS:TRTC) has been back on the move in recent days with a string of breakout days to close out the year’s action. The company has been pretty quiet in terms of press releases, but we do see some filings that could shed some light on the action. We also know that the company has strong exposure to the California market, which is about to go live in coming days with a legal recreational marijuana market.
The company’s 8k from December 26, 2017, states that the company just issued a 12% Senior Convertible Promissory Note due June 26, 2019 in the principal amount of $5,500,000 to an investor “for a purchase price of $5,500,000 pursuant to a Securities Purchase Agreement with the Purchaser, dated as of August 21, 2017. The Note and the shares of the Company’s common stock, par value $0.001 per share issuable upon conversion of the Note are collectively referred to herein as the Securities.”
Terra Tech Corp (OTCMKTS:TRTC) has positioned itself in the cannabis space as a company that engages in the design, marketing, and sale of hydroponic equipment with proprietary technology to create sustainable solutions for the cultivation of indoor agriculture in Newport Beach and Irvine, California.
TRTC operates through two segments, Hydroponic Produce and Cannabis Products. The company offers environmental controllers and timers; ballasts; bulbs; reflectors; nutrients; and portable hydroponic trailers and The Big Bud and Little Bud, which are custom fabricated proprietary cultivation systems for horticulture enthusiasts, local urban farmers, and greenhouse growers
Additionally, TRTC operates as a retail seller of hydroponic produce, herbs, and floral products, which are distributed in the Midwest and the Northeast United States; and produces and sells a line of cannabis flowers and cigarettes, as well as a line of cannabis pure concentrates, including oils, waxes, shatters, and clears to dispensaries in California.
The company operates through multiple subsidiary businesses, including Blum, IVXX Inc., Edible Gardens, MediFarm LLC and GrowOp Technology.
Blum’s retail medical cannabis facilities focus on providing the highest quality medical cannabis to patients who are looking for alternative treatments for their chronic medical conditions. Blum offers a broad selection of medical cannabis products including; flowers, concentrates and edibles through its Oakland, CA and multiple Nevada locations.
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As discussed above, TRTC shares have been red-hot over recent days, ripping as much as 70% higher in just the past six days of action. As we pointed out, the California market is about to go live as a recreational pot powerhouse. TRTC has exposure there and will one of several cannabis patch names to directly benefit from the shift.
The stock has broken above recent range resistance in the $0.30-0.32/share are in recent days, powering higher to challenge the $0.40 level. Primary resistance remains above around the $0.52/share level. A pop above that area would certainly put a nice bow on this Christmas present for shareholders in a company that has clearly been one of the old guard leaders in what remains a new guard revolution.
Traders will note 93% tacked on to share pricing for the company in the past month. Market participants may want to pay attention to this stock. TRTC is a stock with a past that has featured a litany of sudden rips to the upside. What’s more, the name has witnessed a pop in interest, as transaction volume levels have recently pushed exceeding 250% above the average volume levels in play in this stock over the longer term.
At this time, carrying a capital value in the market of $349.5M, TRTC has a significant war chest ($6.7M) of cash on the books, which is balanced by virtually no total current liabilities. TRTC is pulling in trailing 12-month revenues of $31.9M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 45.6%. We will update the story again soon as further details emerge. Sign-up for continuing coverage on shares of $TRTC stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $TRTC, either long or short, and we have not been compensated for this article.