NEW YORK, NY / ACCESSWIRE / January 9, 2018 / Traders News Source, a leading independent equity research and corporate access firm focused on small and mid-cap public companies is issuing a comprehensive report with no obligation on Terra Tech Corp. (OTCQX: TRTC), a company that operates through multiple subsidiary businesses including Blum, IVXX Inc., Edible Gardens, MediFarm LLC, and GrowOp Technology to grow and distribute cannabis to the US market. The Company's wholly-owned subsidiary, Edible Garden, is engaged in cultivating the premier brand of local and sustainably grown hydroponic produce, sold through major grocery stores such as ShopRite and Walmart.
The company's stock skyrocketed to 52-week highs after it announced that it has received State of California Temporary Authorization to distribute and retail cannabis, and expects to receive authorizations to cultivate and manufacture cannabis for California's adult-use and medical markets, effective January 1, 2018. Terra Tech plans to commence adult-use cannabis sales to the California market immediately through its Blum retail dispensaries located in Oakland and Santa Ana.
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Total revenues generated for the third quarter ended September 30, 2017, were $10.1 million, compared to $7.0 million in the same period in 2016. The increase was driven by sales in the cannabis segment which increased 81.8%, due to higher sales from the Company's four Nevada-based Blüm Dispensaries.
The legal cannabis industry has accelerated at a remarkable pace in the recent past. North American consumers spent $6.9 billion on legal cannabis products, up 34% from 2015 and by 2021, legal market sales are expected to surpass $21 billion.
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