Terra Tech Corp. (OTCMKTS:TRTC) Stops Slide, Provides Nevada Update
After a painful three months that brought ever lower 52-week lows, Terra Tech Corp. (OTCMKTS:TRTC) finally caught a bit of a break yesterday. After dropping below $0.14 per share and becoming oversold on Monday, TRTC bounced 4.8% in the last session. The ticker stopped at $0.146 per share on near-average volume.
The reason for the green move could almost be explained with TRTC‘s latest PR. On June 1 the company announced that its MediFarm subsidiary is getting ready to break ground on one of its dispensary locations. Construction should soon begin on 1921 Western Ave, near the Las Vegas strip.
It would make sense for the news to move TRTC up on the day it was put up but even though the PR went online but on Monday TRTC was red again. The stock was wading into oversold territory by Monday’s close, so yesterday’s bounce may have been purely technical.
One thing is certain – nobody is rushing headlong to buy TRTC just because construction on the first dispensary should start another month down the road. The kicker here is probably the part of the PR that says the dispensary should be “serving patients by early OCTOBER 2015”.
After TRTC PR and the company’s CEO stated multiple times that the Nevada dispensaries should open their doors in the summer, pushing everything back to October is hardly cause for celebration. The production and cultivation facilities are not mentioned in this press release. Those were previously expected to start functioning in Q1 of this year. Whether the delay with the dispensary will affect this date is not clear.
