After a bout of gains fueled by the release of positive news, Terra Tech Corp (OTCMKTS:TRTC) declined in double digits, eroding the gains recorded since September 3, 2015. The stock declined more than 10% on Friday and closed the week at $0.131 per share. It had opened today’s trading session in deep red and as of writing this news is trading down 10% at $0.117.
Terra Tech reported an update on the development of MediFarm and Blum ™ in Nevada. The company already has a provisional operational permit received from State in 2014. MediFarm, the subsidiary firm was ranked sixth and seventh in the list of County dispensary applications.
The management view
Derek Peterson, the Chief Executive stated that they are thrilled to know the latest developments. The team has worked meticulously on these two applications and now they intend to establish two additional retail outlets offering incomparable services to the patients in Nevada State.
The promising news made Terra Tech stock trade in volumes it had not recorded in over a month. Also, there was lot of positive activity seen on discussion boards. However, it should be noted that the company has to face the final steps before it commences the dispensaries in locations it obtained permits for in last year. Earlier in the year, the company delayed the inauguration of its first dispensary from summer 2015 to October 2015.
The decline registered on Friday indicates that it is wise to wait for performance data and opening of first dispensary scheduled in October before making any big investment decisions. Despite the impressive launch of IVXX brand in 2015 and the increasing count of dispensaries where its products are sold, the cannabis segment of Terra Tech Corp (OTCMKTS:TRTC) recorded revenue of just under half a million for the first half of 2015. Also, the company reported $4.9 million as net loss for the same period.