Terra Tech Corp (OTCMKTS:TRTC) shares rose 4.79% to $0.317 then dipped 0.79% to $0.315 in after-hours trading. The company has a market cap of $165.53 million at 521.35 million shares outstanding. Share prices have been trading in a 52-week range of $0.09 to $0.75.
Last week, Terra Tech Corp reported that its new Blüm dispensary based in Nevada will open on January 2, 2017 and will be followed by a Grand Opening for the dispensary on January 12, 2017, with the ribbon cutting planned for the same day. This dispensary comes after the opening of the Desert Inn Dispensary in October last year, the South Decatur Boulevard dispensary in Las Vegas in August and the Western, Las Vegas Dispensary earlier in April. The company has also managed a Blüm dispensary in Oakland since April 2016.
“It is our great pleasure to announce that Blüm Reno has successfully completed all of its inspections with the State of Nevada and officially received its Nevada State Medical Marijuana Establishment (“MME”) Registration Certificate. Our dispensary in Northern Nevada successfully received the MME Registration Certificate without one deficiency and I am proud of our team for all its hard work getting us to this stage. This is our fourth dispensary in Nevada to open in less than a year, giving us a strong presence in the state. Moreover, in November 2016, Nevada took the historic step of approving the legalization of recreational cannabis. We believe that our efforts to establish Blüm as a leader in the medical cannabis market have uniquely positioned the Company to capitalize on the emerging market for legal cannabis, where we see significant opportunity for growth,” stated CEO Derek Peterson.
Note that the cannabis industry is projected to reach $20 billion by 2020 following the historic November 8 vote that legalized the use of medical or recreational marijuana in several US states. Since Nevada is home to plenty of casinos and resorts, it could be one of the biggest state markets for recreational marijuana so it makes good business sense for Terra Tech Corp to aggressively establish its stakehold in the area.
Terra Tech Corp is a cannabis-focused agriculture company. It operates through two segments: Hydroponic Produce and Cannabis Products. Through its subsidiary, GrowOp Technology Ltd., Terra Tech Corp 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.