Terra Tech Corp. (OTCMKTS:TRTC) Trips on Afternoon Selling
The heated action surrounding Terra Tech Corp. (OTCMKTS:TRTC) sent the share price swinging in both directions yesterday. The stock moved its heaviest volume for the last month, at 10 million shares traded. Despite the collective surge in enthusiasm, TRTC ended the day nearly 9% down, at $0.68 per share.
With the second day of the Clark County hearings for MJ dispensary applicants now in the past, both of TRTC‘s presentations have come and gone. Footage of the second one, item #52 on the hearings agenda, is available on YouTube. How good the video presentation was, how well the hearing went and how the commission reacted are all open to interpretation, so we will refrain from comments.
What is more interesting is that once again, in the course of the video presentation, TRTC‘s CEO Mr. Peterson spoke of the Blum dispensary in Oakland, California and cited the 700 visitors the location gets on a daily basis. Mr. Peterson could have made it more clear that the Blum dispensary is his private project and is not part of TRTC as a corporate entity. Blum does not contribute to the company’s revenue streams. Answering a question about the public company’s participation in the marijuana industry, Mr. Peterson stated plainly that TRTC as a publicly traded entity is “not growing and … not dispensing at this moment”.
Mr. Peterson also misstated one detail about TRTC, calling it an OTCQX company when asked about the market tier TRTC trades in. As a matter of fact, Terra Tech is an OTCQB company, again fully reporting with the SEC but not nearly in the QX tier. It’s not the end of the world and could have easily been a slip of the tongue but this sort of blunder certainly doesn’t do the company any favors.
A press release that hit the wire yesterday also informed that TRTC will be presenting at the annual WeedStock conference along with Creative Edge Nutrition, Inc. (OTCMKTS:FITX) and Dixie Elixirs. The three-day conference is scheduled to start on June 29. The three companies have plans for ‘interaction’, including ‘networking opportunities’.
Today is the final day of the Clark County hearings and the commission will decide on the 18 final entities to get their MJ dispensary approval. If TRTC is among those 18, the stock will probably make a splash again. However, traders who got swept up by media hype and rode TRTC all the way up to $1.40 per share in March, then saw the price slide all the way down to $0.35 may be more cautious in the future.
