Terra Tech Corp (OTCMKTS:TRTC) shares dipped 1.26% to $0.275 on Friday and were flat in after-hours trading. The company has a market cap of $163.27 million at 568.22 million shares outstanding. Share prices have been trading in a 52-week range of $0.22 to $0.75.
Terra Tech Corp reported total revenues for the full year 2016 of $25.33 million, representing an increase of 154% from $9.98 million in the year ended December 31, 2015. For Q4, total revenues generated were approximately $7.13 million, an increase of 229% from $2.17 million in the same period in 2015.
However, the company still ended up with net loss of $26.92 million for the full year ending December 31, 2016 due to an increase in sales, general and administrative expenses, an increase in other income and an increase in the loss associated with the issuance of convertible debt and warrants during the year ended December 31, 2016 compared to the prior year.
Terra Tech Corp had $9.75 million in cash as of December 31, 2016 and stockholders’ equity for the year ended December 31, 2016 amounted to approximately $52.15 million, an increase of approximately $45.81 million compared to approximately $6.34 million as of December 31, 2015.
“2016 was a watershed year for both Terra Tech and the U.S. cannabis industry,” said Derek Peterson, Chief Executive Officer of Terra Tech Corp. “We made significant progress establishing a strong retail presence in our key target markets by acquiring Blum, Oakland in California and opening of a total of four medical cannabis dispensaries in Nevada. This was also the first full year selling our proprietary IVXX-branded premium medical cannabis products, and we were pleased to see IVXX sales have ramped up throughout the year as our marketing campaign gained momentum and new IVXX-branded products were launched.”
“Of note in 2016, we also expanded our Edible Garden produce lines of natural, USDA Certified Organic herbs and vegetables. This subsidiary continues to provide meaningful revenues and steady cash flow to the Company to support its growth. We look forward to continued, long-term, sustainable value creation for Terra Tech’s shareholders, customers and employees,” he concluded.
Terra Tech Corp is a cannabis-focused agriculture company operating through two segments: Hydroponic Produce and Cannabis Products. The company, through its subsidiary, GrowOp Technology Ltd., 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. (Edible Garden).
It intends to operate medical marijuana cultivation, production and dispensary facilities in Nevada through its subsidiaries, MediFarm, LLC (MediFarm), MediFarm I, LLC (MediFarm I) and MediFarm II, LLC (MediFarm II). Through its subsidiary, IVXX, Inc. (IVXX), 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.