Terra Tech Corp (OTCMKTS:TRTC)
Terra Tech Corp (OTCMKTS:TRTC) has signed a non-binding letter of intent paving way for it to complete the acquisition of a 50% stake in NuLeaf Sparks Cultivation LLC and NuLeaf Reno Production LLC. The acquisition should strengthen the company’s cannabis cultivation and production portfolio allowing it to introduce new wholesale cannabis brands in the market.
Investors reacted to the acquisition push, sending the stock up 10.19%. TRTC stock is currently trading in a tight $0.22 to $0.26 trading range, waiting to see if the bullish momentum is strong enough to push it to 52-week highs of $0.56 a share. Terra Tech faces resistance at the $0.26 mark.
Terra Tech Corp (OTCMKTS:TRTC) is a cannabis focused Agriculture Company that operates through Hydroponic produce and Cannabis products. The company designs, develops, and markets hydroponic equipment in addition to hydroponic produce and floral products.
The acquisition of NuLeaf Sparks should strengthen the company’s cultivation business given that the company owns a medical cannabis cultivation license. The firm is also in the process of constructing a 30,000 square foot cannabis cultivation facility in Nevada.
NuLeaf Reno holdings, on the other hand, should strengthen the company’s production business as it holds a cannabis production license and is in the process of constructing 15000 square foot facility. Terra Tech Corp (OTCMKTS:TRTC) CEO, Derek Peterson believes the merger will help the company become a dominant force in Nevada legal cannabis business.
“This partnership will allow us to rapidly increase our time to market without needing to invest vast amounts of time or CapEx into establishing cultivation and production capabilities from scratch,” said Mr. Peterson.
The executive remains confident of the transaction closing in the third quarter thus allowing Terra Tech Corp (OTCMKTS:TRTC) to start generating revenues from joint operations before the end of the year. The new cultivation and production facilities will supply three of the company’s dispensaries in addition to third-party dispensaries in the state.
Separately, Terra Tech Corp (OTCMKTS:TRTC) subsidiary Edible Green has expanded its product line with the introduction of a new line of fresh cut herbs dubbed ‘Snip Its’. The new line of product is to go on sale in major retail outlets that support health and wellness.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: Marc has a degree in economics and a MSc. in Finance. Over his 20-year career, Marc has worked for global investment firms in Europe and the United States as an analyst, fund manager, and consultant.