Terra Tech Corp. (OTCMKTS:TRTC) Manages Double-Digit Bounce
After a week-long streak of unfavorable winds that pushed it significantly down the charts, yesterday Terra Tech Corp. (OTCMKTS:TRTC) bounced back nicely, closing over 16% up and stopping at $0.92 per share by the bell. Daily volume remained strong at 6.3 million shares changing hands.
It would seem yesterday’s PR released by Inergetics, Inc. (OTCMKTS:NRTI) caused more of a splash and incited more people to buy Terra Tech shares than TRTC‘s own last two press releases did. In the announcement NRTI ‘congratulated’ Terra Tech on the opening of its expanded hydroponic greenhouse in Belvedere, New Jersey.
The trigger in the news release was NRTI making another mention of the cannabidiol(CBD)-based nutritional supplements the two companies have partnered to develop. The last two announcements coming from TRCT did not manage to help the price slide that followed the company’s 10-K, as they were mostly concerned with new market chains where Edible Garden potherbs were sold. However, traders appeared to react with renewed vigor to the news that contained the word ‘cannabidiol’, as though now conditioned to jump at everything and anything that has something to do with marijuana.
This, again, doesn’t really comprise the proper marijuana news that traders are waiting for. There is no development on the matter of the Nevada marijuana license TRTC applied for a few months back. Any news related to that will likely have a much bigger impact on the share price.
TRTC went through a turbulent few months, climbing wildly, then crashing as insider selling filings and an unconvincing 10-K report was published. Still, longs will be delighted to see that the market still has sufficient faith in TRTC to push it up the slope at the mere mention of CBD products and the hope for future marijuana revenues.
Other pot stocks that closed green yesterday include mCig, Inc. (OTCBB:MCIG) who closed 18% up. Cannabis Science, Inc. (OTCMKTS:CBIS) spent almost the entire session below its previous close but managed to claw its way up to a 3% green close shortly before the closing bell.