Terra Tech Corp Archives - Green Market Report

Kaitlin DomangueJune 10, 2021
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Terra Tech Corp. (OTCQX:TRTC) announced their plan to acquire SilverStreak Solutions Inc. The two companies have executed an agreement for the acquisition to take place. The close is expected to occur within 90 to 120 days. After the close, SilverStreak’s CEO, Sterling Harlan, is expected to consult with the company for a period of six months. 

SilverStreak Solutions is a cannabis delivery service serving California areas like Sacramento, Yuba City, Citrus Heights, Roseville, Elk Grove, Stockton, and others. SilverStreak Solutions has 22 company vehicles and about 42,000 monthly customers. As one of the first direct-to-consumer cannabis companies in their area, SilverStreak is experienced in this space and a good move for Terra Tech. 

Terra Tech’s acquisition 

“We are delighted to continue our expansion with the addition of this high-quality and well-run delivery service,” said Frank Knuettel II, CEO of Terra Tech Corp. “We believe the synergies with Unrivaled’s existing brand portfolio and distribution operation makes enormous economic and operational sense. In addition, we expect to expand SilverStreak’s base of operations utilizing our existing assets in Northern and Southern California, with the intent to develop a statewide delivery operation giving us access to millions of California consumers.”

“This is the next step in our rebuilding initiative, and with our anticipated monetization of our Hydrofarm, we expect to expand our base of operations in the near future. I would like to thank Sterling and his team for the work they have done in building SilverStreak and being the next building block in our effort towards becoming the premier West Coast and Southwest operator of cannabis assets,” Knuettel II continued. 

Terra Tech is a vertically integrated cannabis company with operations in California and Nevada. Terra Tech operates two dispensaries and a cultivation facility in California, with two additional cultivation facilities and a dispensary under development. The company operates in Nevada by way of joint ventures, operating a manufacturing and cultivation facility. 

Terra Tech sold property for $2.6 million 

Terra Tech recently sold a Nevada property on N. 4th Street, as local zoning changes prevent any cannabis activity in the area. The company sold the building for $2.6 million, improving their balance sheet by approximately $900,000, even after paying off $1.6 million in mortgages and other related sale costs. 

“Since taking over as CEO a few short months ago, we have continued to review our operations, divest unproductive assets and drive appropriate cost reductions. The successful sale of our N. 4th Street property is another positive step towards doing just that,” Knuettel said. 

“With the sale, we have now added approximately $900K to our balance sheet and alleviated numerous costs associated with its ownership, allowing us to focus our attention on working to position the company for what we believe is a very opportunistic future, including the upcoming anticipated closing of the transaction to acquire Unrivaled. This mutually beneficial transaction is expected to lead to immediate scale, driven by strong brands and revenue growth.”


Debra BorchardtJune 19, 2020
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Earnings were reported by both Emerald Health Therapeutics (OTCQX: EMHTF) and Terra Tech (OTC:TRTC). This is a quick summary of what the companies reported.

Terra Tech

With cash dwindling at Terra Tech and expenses rising, the company announced it would begin selling assets in order to focus on the properties with the highest returns. The company also said it was postponing its plans to enter the CBD market.

Terra Tech Corp. reported revenues of $4.31 million versus $2.05 million for the quarter ending March 31, 2019, an increase of approximately $2.26 million. The net loss for the quarter was $17.33 million, or $0.11 per basic and diluted share versus $11.74 million, or $0.13 per basic and diluted share, for the three months ending March 31, 2019.

The company had $0.95 million in cash as of March 31, 2020. Expenses were approximately $9.04 million, compared to approximately $8.59 million for the same quarter last year, an increase of approximately $0.45 million.

Matthew Morgan, Chief Executive Officer of Terra Tech, commented, “Our first-quarter results demonstrate continued improvement in our cannabis operations, driven by both medical and adult-use sales from our San Leandro Blüm dispensary as well as wholesale revenues. Following the COVID-19 pandemic, which has resulted in many retailers delaying purchase decisions and reversing plans to launch new CBD products in stores, it has become clear to us that we must focus on our THC business in California to maximize near-term revenues. We have therefore chosen to postpone our expansion strategy in the CBD market through our OneQor business.”

Morgan went on to add, “For us to advance our strategy, we are now completing a number of asset sales in order to strengthen the Company’s cash position and redirect resources to assets that generate the highest returns. We expect to have approximately $24 million coming in from asset sales over the next 12 months from our Blüm dispensaries in Nevada and Santa Ana, California, as well as various sales of non-core licenses and properties. This is expected to set the Company on a path to sustainability that will allow us to be lean and cost-effective. We intend to complete the build out of our Hegenberger cultivation facility in California and leverage our existing capital base to ramp revenues from wholesale THC products as well as sales at our Blüm dispensaries in San Leandro and Oakland.”

Emerald Health

Emerald Health net sales increased 36% to $2.9 million over last year’s $2.1 million for the same time period. The net loss for the quarter was still elevated at $4.9 million, which included a $2 million loss on the dilution of joint venture ownership and a $1.1 million inventory write-down.

The company reported that its total SG&A expenses of $6.0 million showed a decrease of $2.3 million over $8.3 million expense in the comparable first quarter of 2019. Total SG&A expense included $2.1 million of non-cash or non-recurring items.

“In the first quarter and year to date, the benefits of Emerald’s significant restructuring and cost-rationalization are strongly emerging. While these benefits were not fully realized in our Q1 financials, we can see our operational metrics and financial results clearly moving in the desired direction,” said Riaz Bandali, President and Chief Executive Officer of Emerald. “In not even two full quarters, our two newly launched and scaled-up cultivation facilities in BC and Quebec have been achieving important milestones and are positioned to move us toward profitably. On top of that we own over 41% of one of the premiere large-scale cannabis cultivation operations in the country.”

The company said that revenue for the quarter was driven by increased sales from the adult-use market where sales were up 35% as compared to 4Q19. 30% of revenue in the adult-use channel from SYNC oils contributed to improving margins, as this high CBD, low THC oil is not subject to excise duty. A higher proportion of sales from the branded SYNC oil, coupled with the lower cost of dried flower contributed to improved margins compared to 1Q19. Significant harvests from the newly operational production sites led to capitalized inventory, which reflected as a further improvement in production costs. Emerald recognized $5.2 million as its share of net income from Pure Sunfarms, as compared to $5.8 million recognized 1Q19.

 

 


StaffFebruary 28, 2019
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IRVINE, Calif., Feb. 28, 2019 /AxisWire/ Terra Tech Corp. ( TRTC) (“Terra Tech”) or (the “Company”), a vertically integrated cannabis-focused agriculture company, today announced it has entered into an agreement to acquire the remainder of the interest in the Blüm Reno dispensary, located at 1085 S Virginia St Suite A, Reno, NV 89502.

As a result of the agreement, Terra Tech Corp.’s ownership in the Blüm dispensary, including its cannabis licenses, will increase from 50% to 100%, and Terra Tech Corp.’s ownership in the building which houses the dispensary will increase from 50% to 100%. Closing of the agreement is subject to the approval of the Nevada Department of Taxation, which the Company expects to receive in approximately 60-90 days.

Chief Executive Officer, Derek Peterson, said, “This purchase allows us to have complete ownership and control of the Reno Blüm dispensary, which provides much-needed cannabis products to the local medical and adult-use markets, at a price that we believe accurately represents a fair value. It also settles the lawsuit with Heidi Loeb Hegerich and we are pleased to put this matter behind us and look to the future. We continue to execute against our growth strategy in Nevada, and have recently shipped our first products from our new Sparks, Nevada cultivation facility to our retail Blüm dispensaries across the state. These will be marketed to our customers and patients under our premium IVXX™ brand.”

To be added to the Terra Tech email distribution list, please email TRTC@kcsa.comwith TRTC in the subject line.

About Terra Tech

Terra Tech Corp. (OTCQX: TRTC) operates through multiple subsidiary businesses including: Blüm, IVXX Inc., Edible Garden, and MediFarm LLC. Blüm’s retail and medical cannabis facilities provide the highest quality medical cannabis to patients who are looking for alternative treatments for their chronic medical conditions as well as premium cannabis to the adult-use market in Nevada and California. Blüm offers a broad selection of cannabis products including; flowers, concentrates and edibles through its Oakland, CA and multiple Nevada locations. IVXX, Inc. is a wholly-owned subsidiary of Terra Tech that produces cannabis-extracted products for regulated medical cannabis dispensaries throughout California and medical and adult-use dispensaries in Nevada. The Company’s wholly-owned subsidiary, Edible Garden, cultivates a premier brand of local and sustainably grown hydroponic produce, sold through major grocery stores such as ShopRite, Walmart, Ahold, Aldi, Meijer, Kroger, Stop & Shop and others nationwide. Terra Tech’s MediFarm LLC subsidiaries are focused on medical and adult-use cannabis cultivation and permitting businesses throughout Nevada.

For more information about IVXX visit: http://ivxx.com/For more information about Blüm Nevada visit: http://letsblum.comFor more information about Blüm Oakland visit: http://blumoak.com/Visit us on Facebook @ https://www.facebook.com/terratechcorp/timelineFollow us on Twitter @terratechcorpFor more information about Edible Garden visit: http://www.ediblegarden.com/Visit Edible Garden on Facebook @ https://www.facebook.com/ediblefarms?fref=tsCautionary Language Concerning Forward-Looking Statements

Statements in this press release may be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “anticipate”, “believe”, “estimate”, “expect”, “intend” and similar expressions, as they relate to the company or its management, identify forward-looking statements. These statements are based on current expectations, estimates and projections about the company’s business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and those risks discussed from time to time in Terra Tech Corp.’s filings with the Securities and Exchange Commission. In addition, such statements could be affected by risks and uncertainties related to Terra Tech Corp.’s (i) product demand, market and customer acceptance of its equipment and other goods, (ii) ability to obtain financing to expand its operations, (iii) ability to attract qualified sales representatives, (iv) competition, pricing and development difficulties, (v) ability to integrate GrowOp Technology Ltd. into its operations as a reporting issuer with the Securities and Exchange Commission, and (vi) general industry and market conditions and growth rates and general economic conditions. Any forward-looking statements speak only as of the date on which they are made, and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release. Information on Terra Tech Corp.’s website does not constitute a part of this release.

Contact

Philip Carlson

KCSA Strategic Communications

TRTC@kcsa.com

212-896-1238


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Irvine, CA, June 6, 2018 /AxisWire/ Terra Tech Corp. (OTCQX: TRTC), a vertically integrated cannabis-focused agriculture company, is pleased to announce that it has commenced cultivation at its new Sparks facility, following approval from the State of Nevada. Utilizing Terra Tech’s proven practices and procedures, the team has successfully begun cultivation of its first cannabis crop, planting the first seeds in early June. Terra Tech expects to distribute and sell cannabis grown at the Sparks facility from its first harvest throughout Nevada by the fourth quarter of 2018.  

Construction of the 30,000 square foot cultivation facility was completed during the first quarter of 2018, in conjunction with NuLeaf Sparks. The Sparks facility was built out using LED lights to increase efficiencies and reduce the cost of production. Terra Tech’s proprietary IVXX cannabis products will be grown and harvested at the Sparks facility under the safest and most beneficial conditions. All products will be thoughtfully produced, rigorously tested and certified to the highest standards of potency and purity. IVXX cultivated at the Sparks location will be sold at Terra Tech’s Blüm retail and medical cannabis dispensaries in Reno, Nevada and Las Vegas, Nevada, and to third party dispensaries.

Derek Peterson, CEO of Terra Tech, commented, “We recently received the necessary permits from the State of Nevada to commence cultivation at our brand new cultivation facility in Sparks, Nevada and have planted our first seeds. We plan to cultivate a variety of cannabis strains for patients and consumers under our IVXX brand, including offerings with varying THC and CBD concentrations. Scaling our cannabis cultivation to support our wholesale business as well as to supply our four dispensaries in Nevada will enable us to meet demand from the growing cannabis market. This is just latest milestone in our expansion strategy and we are excited to ramp our production of premium quality cannabis for the medical and adult-use markets.”

To be added to the Terra Tech email distribution list, please email TRTC@kcsa.com with TRTC in the subject line.

###

About Terra Tech

Terra Tech Corp. (OTCQX: TRTC) operates through multiple subsidiary businesses including: Blüm, IVXX Inc., Edible Garden, and MediFarm LLC.  Blüm’s retail and medical cannabis facilities provide the highest quality medical cannabis to patients who are looking for alternative treatments for their chronic medical conditions as well as premium cannabis to the adult-use market in Nevada and California. Blüm offers a broad selection of cannabis products including; flowers, concentrates and edibles through its Oakland, CA and multiple Nevada locations. IVXX, Inc. is a wholly-owned subsidiary of Terra Tech that produces cannabis-extracted products for regulated medical cannabis dispensaries throughout California and medical and adult-use dispensaries in Nevada. The Company’s wholly-owned subsidiary, Edible Garden, cultivates a premier brand of local and sustainably grown hydroponic produce, sold through major grocery stores such as ShopRite, Walmart, Ahold, Aldi, Meijer, Kroger, Stop & Shop and others nationwide. Terra Tech’s MediFarm LLC subsidiaries are focused on medical and adult-use cannabis cultivation and permitting businesses throughout Nevada.

For more information about Terra Tech Corp visit: http://www.terratechcorp.com/ 
For more information about IVXX visit: http://ivxx.com/ 
For more information about Blüm Nevada visit: http://letsblum.com
For more information about Blüm Oakland visit: http://blumoak.com/ 
Visit us on Facebook @ https://www.facebook.com/terratechcorp/timeline 
Follow us on Twitter @terratechcorp 
For more information about Edible Garden visit: http://www.ediblegarden.com/ 
Visit Edible Garden on Facebook @ https://www.facebook.com/ediblefarms?fref=ts 
Visit IVXX on Facebook @ https://www.facebook.com/ivxxbrand?fref=ts

CONTACTS

Terra Tech Corp.

Philip Carlson

KCSA Strategic Communications

TRTC@kcsa.com     

212-896-1238

 


William SumnerMay 11, 2018
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The cannabis-focused agricultural company Terra Tech Corp. (TRTC) has announced its quarterly financial results for the period ending on March 31, 2018.

Revenue for the quarter was $8.6 million, representing a 26% increase when compared to the period in the previous year. The company attributed its growth to the revenue generated from its cannabis dispensaries in California and Nevada, as well as a 40% increase in sales of produce and herbs nationwide through its Edible Garden brand. Compared to the same period last year, the company’s gross margin increased from 5.3% to 19.1%

Expenses for the company increased over the last year, rising from $6.4 million to $8.4 million. Likewise, the company’s long term debt of the last quarter has increased from $6.6 million in Dec. 31, 2017 to $13.2 million as of March 31, 2018. However over the last year the company’s losses have slightly decreased from $10.1 million to $10 million.

In terms of cash on hand, the company has $4.5 million. Additional, the company was able to secure an additional $40 million in funding during the last quarter and will be paid out in $5 million installments over the next two years. Equity for stockholders increased over the last quarter to $85.7 million.

“We were pleased to report revenue growth of 26% compared to the prior year period,” commented Derek Peterson, Chief Executive Officer of Terra Tech. “This was the first quarter in which we generated revenues from sales to California’s adult use cannabis market. We believe these revenues will accelerate as the industry’s supply chain professionalizes and the adult-use market matures.”

So far the markets have responded positively to Terra Tech’s financial results, causing the company’s stock to briefly rise to $3.15 per share before leveling off to $2.92. On May 10, 2018, Peterson held a conference call to answer shareholder questions, a replay of the call can be found here.


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