Terra Tech Corp (OTCMKTS:TRTC) Red Despite Upbeat Presentation
The last market session saw Terra Tech Corp (OTCMKTS:TRTC) close red again, for the fourth time in a row. The company’s share price slipped a breath under nine cents per share on above average volume of 1.96 million shares traded.
On Friday Terra Tech put up a press release and an accompanying 8-K filing containing a company presentation conducted on the previous day and containing “non-public information”. The presentation contained a nice, structured summary of TRTC‘s financial situation and ongoing operations, highlighting the company’s latest efforts into establishing a network of dispensary, cultivation and production facilities in the state of Nevada.
The presentation gave a more definitive answer to the question about the number of retail locations that sell TRTC‘s new IVXX brand. As of the presentation’s date, there are “more than 125” locations that sell IVXX – a significant step in the right direction, considering the brand launched in Q1 of 2015. TRTC seems to be trying to turn the brand in a revenue engine that can rival its main source of sales – Edible Garden’s fresh produce, but that might still take a while.
Unfortunately, the dispensary openings that were supposed to start this October were pushed back in time and the first Nevada location is now expected to open its doors in Q1 of 2016. A staggered opening schedule should see three more dispensaries in Clark County and Reno in Q2. The cultivation and production locations have been significantly delayed, with anticipated openings in 2017.
It was perhaps the combination of the delay and insider Michael James selling half of the TRTC common stock he held that pushed TRTC down despite the positives of uplisting to the OTCQX and the outlook of the investor presentation. Between Sep 29 and Oct 1 TRTC CFO Michael James sold 490 thousand TRTC shares.
