Terra Tech Corp (OTCMKTS:TRTC) shares were down 1.29% to $0.306 on Friday and flat in after-hours trading. Share prices have been trading in a 52-week range of $0.12 to $0.75. The company has a market cap of $159.53 million at 521.35 million shares outstanding.
Earlier this month, Terra Tech Corp was included in the 2017 OTCQX Best 50, a ranking of top performing companies traded on the OTCQX Best Market last year. This ranking looks at the equal weighting of one-year total return and average daily dollar volume growth in the previous calendar year.
“We continue to work hard building out Terra Tech’s operations and consolidating our position in the market as a leading provider of premium medical cannabis products. Last year we hit many corporate milestones, including establishing a strong retail presence in Nevada and California and increasing the brand recognition of our premium IVXX products among users of medical cannabis. We are pleased that these efforts have been recognized by the investment community and will continue to execute on our strategic plan throughout 2017 to drive value for shareholders,” noted Terra Tech Corp CEO Derek Peterson.
Prior to this, Terra Tech Corp reported that its subsidiary added two contract farmers based out of New Jersey and Virginia to its group of cooperative of local cultivators of local and fresh produce. This brings the firm’s countrywide contract farmer count to eight.
These new farmers will work under the same stringent quality standards as the Terra Tech’s current cooperative member farmers to ensure that its produce is constantly of the highest standard. According to CEO Derek Peterson, Terra Tech Corp ntends to disrupt the current lettuce space and to extend its presence in the United States countrywide cut lettuce and living herbs industry. The company is confident that the latest additions will contribute definitely to expansion plans since getting new contract farmers in New Jersey and Virginia will expand reach in the Mid-Atlantic and Northeast regions.
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, the company 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.
The company intends to operate medical marijuana cultivation, production and dispensary facilities in Nevada through its subsidiaries, MediFarm, LLC, MediFarm I, LLC and MediFarm II, LLC. 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.