Terra Tech Corp. (OTCMKTS:TRTC) Remains Red
Yesterday the share price of Terra Tech Corp. (OTCMKTS:TRTC) took another tumble down the charts. Thankfully, after opening with a huge gap down, the stock recovered a bit and ended the day just 15% in the red. This was the first session in which TRTC traded on the news that it failed to get MJ dispensary permits for Clark County, so the 15% drop is not too surprising.
The company came out with a press release in the morning, summarizing the events that took place at the hearings. There was the obligatory section explaining how the company intends to keep working towards new goals and opportunities, in particular – go after production and cultivation permits in Nevada.
TRTC also addressed the Seeking Alpha article that very likely contributed to Friday’s drop. The company also stated that they intend to ‘pursue’ a certain Mr. Norman Gates who claimed to have sent emails to commission members with slanted information on the company, which, according to TRTC, affected the outcome of the hearings.
How much sway email slander sent by a random guy on the Internet can hold with commission members is something readers should decide for themselves. The whole thing seems to have caused TRTC such distress that they misspelled the name of their subsidiary that competed in the hearings. Previous PRs and filings refer to it as ‘MediPharm’ while in yesterday’s announcement it showed up as ‘MediFarm’.
The PR also underlined TRTC‘s rather bold revenue guidance for 2014, set at $7 million, without factoring in any possible marijuana revenues. Even with seasonal revenue fluctuations in mind, this would mean TRTC and Edible Garden in particular, being the company’s main revenue engine, would need to grow revenues roughly 300% from the highest revenue quarter in 2013 and sustain this in Q2, Q3 and Q4 of this year – very optimistic guidance by any standard.
Where TRTC is headed remains to be seen. There should be news on the company’s progress with their cultivation and production facility applications with Clark County in the next couple of weeks, so this is the next big thing longs are keeping their eyes on.