Terra Tech Corp. (OTCMKTS:TRTC) Bounces Up in Double Digits

After consecutive waves of excitement, then disappointment and panic swept over the shareholder base of Terra Tech Corp. (OTCMKTS:TRTC), the stock seems to be steering into calmer waters once again. Yesterday TRTC closed 15% up on volume closer to its average, stopping at $0.49 on 6.8 million shares traded by the closing bell.

The upheaval in both price and volume in the first days of June was driven by anticipation of the Clark County hearings for medical marijuana dispensaries, where TRTC participated through its MefiFarm subsidiary. Expectations were high and excitement pushed the stock over $0.70 per share once again.

A Seeking Alpha article that levied some serious accusations against the company and its management helped the price slide a whopping 26%, even before the Clark County commission’s final decision was made public and it was made publicly known TRTC did not get any dispensary permits. On Monday confusion and residual panic faded, leading to TRTC‘s bounce yesterday. The company also announced putting in motion measures against the author of the piece, as well as against a Norman Gates, who claims to have disseminated emails to the county commissioners with slanted information on TRTC that may have affected the outcome of the hearings.

TRTC is still volatile but yesterday’s bounce has shown that there are people out there who have faith in the company’s future success. The long supporters of the stock are now getting excited about the forthcoming cultivation permit hearings in Clark County. The approval process will start next Tuesday, June 17 and will run for a couple of days.

Cultivation could indeed be a big deal if approval is obtained but conversely, failure to get approved in Nevada again could deal a nasty blow to the company’s chart standing. The most fervent supporters of TRTC would likely just wave it off as a non-issue and go on about how there’s plenty more states to apply in, but the market may not be as lenient.

With TRTC having reversed its slide, the next big move is likely to happen next week, as cultivation permit news hits the wire.