Terra Tech Corp. (OTCMKTS:TRTC) Still Slipping Despite PR

The last three market sessions did not favor Terra Tech Corp. (OTCMKTS:TRTC). The ticker balanced it out on the last day of March, closing flat, then shifted in reverse and dropped three days in a row. This is all taking place in the immediate wake of the company filing its annual report for 2013.

The market’s reaction to the 10-K filing TRTC published on March 31 could have been read as a kneejerk reaction initially, but with a third red close that brought the price cumulatively about 20% down since the filing, matters may be a little more serious.

TRTC had climbed a bit too high and too fast for its own good, surging from a humble dime per share to $1.40 in two and a half months – a feat few other tickers related to marijuana managed, and TRTC is not even a proper pot stock just yet. The company dished out two quick PR announcements over the last two days, but those didn’t really manage to rein in the drop.

On Wednesday the company announced forming a new subsidiary named MediPharm which will ‘compete’ for a medical cannabis permit in Nevada, as a sort of a next step towards TRTC receiving the state permit it applied for a few months ago. Yesterday’s bit of news concerned TRTC‘s green produce manufactured through Edible Garden. The lettuce produced by the company is now reportedly shipped to Coosemans Worldwide, with the first order of an unknown size already shipped and more to come in the following weeks.

The news didn’t make much of an impression on the market and TRTC slipped again yesterday. We examined the figures and performance TRTC posted in their annual report in a previous article and they were not exactly stellar, even if they were more or less expected. With TRTC back under a dollar, it remains to be seen if the ticker will manage to halt its descent or bumble further down the charts.