Terra Tech Corp. (OTCMTS:TRTC) Shaky Despite Optimism
On Tuesday Terra Tech Corp. (OTCMKTS:TRTC) swelled up, carried by a tidal wave of optimism. Despite the enduring enthusiasm among traders, the price is pulling back by no small amount. TRTC closed red in double digits yesterday, stopping at $0.52 per share on about average volume.
The company managed to obtain two permits in Tuesday’s hearings in Clark County. The Las Vegas location will be used both as a cultivation and as a production site, making use of both permits TRTC obtained through MediFarm LLC, a subsidiary. The long supporters of the company who kept telling everyone how cultivation was the real deal and dispensaries were chump change bought the stock all the way up to $0.62 on the news of the permits.
However, despite this buoyant enthusiasm the share price is having a hard time sustaining its levels. It’s difficult to pinpoint the reason for this but it may be that not all traders have as much faith in the company and some decided to cash out after the juicy 30% jump on Tuesday. After all, TRTC‘s permits don’t automatically translate into pot revenues. The company still has to get a license for growing and selling cannabis from the state of Nevada and the procedure for this is scheduled for August this year. This in turn puts a potential first crop even further down the road, so nothing is set in stone at this point.
If the company gets the state license to grow later this summer, the stock could go places. Until then, it’s another stretch of the waiting game that has become so popular with many OTC pot stocks in 2014.
Shareholders of Tranzbyte Corp. (OTCMKTS:ERBB) and Creative Edge Nutrition, Inc. (OTCMKTS:FITX) are still anxiously waiting for the companies to deliver and succeed in the final push that would see sizable marijuana revenue appear on their respective balance sheets. However, in both those cases the waiting game is still on, months after bold promises of a bright future were made in press releases.
