Terra Tech Corp. (OTCMKTS:TRTC) Refuses to Take Off

After bottoming at $0.52 per share late last week, Terra Tech Corp. (OTCMKTS:TRTC) attempted recovery on Friday. The bounce was brief as yesterday TRTC retreated 8.5% back down the charts on modest volume of 1.5 million shares traded.

The company posted a new press announcement on Monday, informing that MediFarm, a TRTC subsidiary, completed the ‘special use permit’ filing process for medical marijuana in Clark County, Nevada. The news came out late in the session and didn’t really manage to give the price much of a boost. TRTC dropped briefly after the opening bell yesterday, suggesting that investors likely didn’t find the announcement very exciting.

The company filed the required information for four separate applications – two for dispensaries, one for cultivation and one for production. This may seem more like a matter of course event but the company described the filing process as a ‘tremendous undertaking’ that provided valuable experience for the team.

The market’s less fervored reaction is understandable. The same press release explains the Clark County commission is expected to conduct hearings for those applications in early June. The state licensing application should be released in mid-July according to the PR, with a month and a half period following release before the state of Nevada accepts it. If all goes according to plan, TRTC may yet become a proper marijuana company as presently it’s still a leafy greens producer that some may consider overvalued with a market cap of over $126 million. Of course, companies trade on a combination of their current situation and future expectations but hopes for share prices of over $5 that some traders firmly believe in may be a bit out of proportion.

For once the last few sessions on the OTC were not dominated by pot stocks as the sector has cooled off significantly. Yesterday the OTC’s most heavily traded company was Pingify International, Inc. (OTCBB:PGFY). Sadly, the reason for the commotion around the company was a $6 million pump that crashed in flames as the company’s CFO resigned and ‘urged’ financial authorities to investigate trading of PGFY shares.