Terra Tech Corp. (OTCMKTS:TRTC) Bounces on Press Release

After an extended drop that shaved about 30% off its share price, yesterday Terra Tech Corp. (OTCMKTS:TRTC) bounced back and closed 18% up, back over the dollar mark, at $1.04 per share. The jump was triggered by a press release published by the company yesterday, shortly before the market opened.

TRTC announced the company is making steps towards becoming a name in the CBD branch of the marijuana sector. TRTC informed of the purchase of an extractor from Eden Labs which should be worth about $125 thousand if the Eden Labs catalog is anything to go by. The equipment will be used for CBD extraction to aid the joint work between TRTC and Inergetics to produce a CBD-rich nurtritional supplement.

The news got traders back in a state of hype and the stock’s price rebounded immediately after the open. The timing of the release couldn’t have been better, as TRTC was being smacked into the dirt by heavy selling. The price slipped in double digits after three company directors filed Form 4-s that showed the sale of a total of 300,000 common shares. The large-volume insider selling was countered completely by yesterday’s news and excitement seems to be up once more.

While the extractor is a sizable investment on part of TRTC and may show long-term commitment and serious business plans, the company has so far done little else to warrant such excitement. Long investors will have to keep their fingers crossed that TRTC means business and its CBD machine will be put to good use. If insiders decide to use the company as an ATM machine once again, with the price back over the $1.00 mark, confidence in TRTC‘s long-term success may be damaged beyond repair.

Another marijuana ticker that was heavily traded yesterday is Cannabis Science, Inc. (OTCMKTS:CBIS). Unlike Terra Tech, CBIS were far less fortunate and dropped over 8% to a close of $0.16 per share.