Terra Tech Corp. (OTCMKTS:TRTC) Slowly Drifting Down
Despite providing the public with a steady flow of updates, Terra Tech Corp. (OTCMKTS:TRTC) has not been doing too well on the charts. The company’s share price managed to finally log a green close on Friday, even if it was just 1%. The ticker has drifted over 40% down from its November high.
Things certainly appear to be moving over at TRTC, as the early December update on the company’s planned Nevada facilities showed. However, the highlight of the PR seems to have been “provisional”, as the final approvals for all the company’s locations are still pending. As extra documentation is being submitted, the closest date TRTC expects to have its first construction documentation submitted for approval is another two months down the road. This significant gap could be part of the reason why traders are not flocking to buy TRTC.
Last week the company announced the launch of a new brand named IVXX. Tasteless numerical on 420 stoner slang aside, the PR promises that under this brand the company will deliver the finest quality cannabis products manufactured and packaged in full compliance with all state-specific regulations. Sadly, at present the IVXX website only has a splash image of a sampler box and no information on specific products and pricing but this should come as an update ‘in the coming weeks’.
Once again, the market’s reaction was completely missing, unless you count the 12% price drop that took place over the two sessions following the announcement. This looks like bad news for the stock, considering it’s been many long months in which TRTC traded like a pot stock even though it was just a leafy greens and green spices producer. Now that the company is finally announcing actual products that have to do with the marijuana industry, a reaction this underwhelming may spell trouble in the long run.
TRTC had an extended excursion in the low around $0.25 per cent intra-day on Friday. TRTC longs will be hoping the eventual green close will be a turning point and TRTC is not going to swing any lower in the new week.
