Terra Tech Corp (OTCMKTS:TRTC) Rises on Permit News
After a new PR concerning the company’s upcoming medical marijuana facilities in Nevada, Terra Tech Corp (OTMKTS:TRTC) caught a boost in yesterday’s session. The stock closed 7% up after a gap up at the opening bell and over 3.7 million shares changed hands – the heaviest daily volume for the past month.
Terra Tech announced the company secured an extra two permits for operating dispensaries on the territory of Clark County, Nevada. The news was quite enough to excite investors who had been given PR related almost exclusively to TRTC‘s IVXX brand for months and received very little information on the company’s marijuana facilities in Nevada.
It’s obvious that marijuana operations and the promise of the company becoming a diversified pot stock with operations spanning the famous ‘seed to sale’ paradigm of the industry are what got TRTC in the spotlight and the reason the company is consistently cropping up among the OTC’s biggest daily volume movers. While the two new permits are indeed good news, it should be noted that the older permits for the locations expected to start opening their doors in October this year were obtained back in mid-2014.
Back then, the sentiment on investor boards was “next year, we fly”. Now, more than a year later, with the first dispensary still not open and the cultivation and production ones expected even further down the road, the mantra is still the same – “next year, we fly”.
It’s understandable that TRTC needs both time and resources for the buildout of the locations but it’s probably best if investors don’t act as though it’s all set in stone before actual results are delivered, to avoid going “next year, we fly” in the summer of 2016.
The two new permits are a great opportunity but one that is still far from fruition at the moment and a shorter term goal should be turning the original 2014 permits into active, revenue generating facilities. When this happens, it will serve as a far better source of investor confidence.
In related news, Amy Almeister, TRTC‘s secretary and treasurer, sold another 270,000 TRTC shares on the open market between Aug 28 and Sep 3. This is comes on the heels of Mrs. Almeister selling 600,000 of her shares between Aug 19 and Aug 21.
