Terra Tech Corp. (OTCMKTS:TRTC) Slides as Pot Sector Tumbles

Yesterday the entire pot sector of the OTC marketplace slipped, for the most part in double digits. Terra Tech Corp. (OTCMKTS:TRTC) did not manage to dodge the sector-wide fallout. The stock closed 15% in the red after opening down and then was pressed further by morning selling, stopping at $0.40 per share by the closing bell.

The sector-wide slip seems to have been triggered by the outcome of the midterm election results with the Republican party snagging a majority in both the House and the Senate. Whether or not the U.S. is headed towards a more conservative course, the marijuana stock market reacted with an obvious shrink across the board.

Additionally, even though legalization was approved in Oregon and D.C., Florida failed to vote medical marijuana into its constitution. The majority of votes were in support of legalizing medical but the tally fell short of the 60% approval needed to pass the vote.

Yesterday’s opening bell was the first instance when stocks had a chance to trade on the news of the midterm results and the legalization efforts in Oregon, D.C. and Florida. The reaction was sweeping and unambiguous. It’s difficult to tell whether this was a one-off correction or the sector will slip lower still. If the recent news and chart pullback scared enough people, the situation could potentially worsen across the board. Then again, the long-term supporters of the marijuana businesses on the OTC will have a chance to load up on what they lovingly call ‘cheapies’.