IRVINE, CA -- (Marketwired) -- 05/11/17 -- Terra Tech Corp. (OTCQX: TRTC) ("Terra Tech" or the "Company"), a vertically integrated cannabis-focused agriculture company, today announced its first quarter 2017 financial results for the period ended March 31, 2017.
Derek Peterson, Chief Executive Officer of Terra Tech Corp., commented, "We are pleased to see the impact of our expansion strategy to open cannabis dispensaries in core target markets drive strong sales in the first quarter. We also reported higher sales of our wholesale IVXX-branded cannabis products as a result of its improved brand recognition coupled with expanded distribution channels. Total first quarter revenues were $6.8 million, representing a 340% increase over the prior year period and we are on track to meet our revenue guidance of $38 - $40 million for 2017."
"This quarter saw the opening of our fourth Nevada-based Blüm dispensary, located in Reno. This location benefits from limited local competition and we are pleased to record excellent initial sales from Blüm, Reno, which was our best-performing dispensary in the quarter. We consider Nevada to be a major growth opportunity for the Company and are proud to have established a strong presence in the State of Nevada, across both Reno and Las Vegas. This week, the Nevada Tax Commission adopted temporary regulations to allow the state to issue recreational marijuana licenses as early as July 1, which should pave the wave for Terra Tech to break into the recreational market in the second half of 2017. This is a source of great excitement for us."
"Looking ahead, we also remain focused on driving our expansion in the State of California, a major economy with a progressive attitude toward the cannabis sector. To support this strategic goal, we made rapid progress in the first quarter building out a new cultivation facility in Oakland, California, as well as designing both a dispensary and cutting edge production facility in San Leandro, California. We hope to have completed these projects by the end of the year. This was a strong start to the year and we are confident that our strategic growth plan, coupled with ongoing market acceptance of cannabis, will drive Terra Tech's growth in 2017 and beyond."
The company will also host a conference call today, Thursday, May 11, 2017 at 9:00 AM Eastern to discuss its financial results and the outlook for 2017.
Dial-In Number: 1-857-232-0157
Access Code: 422095
For those unable to participate in the live conference call, a replay will be available at http://smallcapvoice.com/blog/trtc
An archived version of the webcast will also be available on the investor relations section of the company's website.
About Terra Tech
Terra Tech Corp. (OTCQX: TRTC) operates through multiple subsidiary businesses including: Blüm, IVXX Inc., Edible Garden, MediFarm LLC and GrowOp Technology. Blüm's retail medical cannabis facilities focus on providing the highest quality medical cannabis to patients who are looking for alternative treatments for their chronic medical conditions. Blüm offers a broad selection of medical 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 medical cannabis-extracted products for regulated medical cannabis dispensaries throughout California. 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, Winn-Dixie, Raley's, Meijer, Kroger, and others throughout New Jersey, New York, Delaware, Maryland, Connecticut, Pennsylvania and the Midwest. Terra Tech's MediFarm LLC subsidiaries are focused on medical cannabis cultivation and permitting businesses throughout Nevada. The Company's wholly-owned subsidiary GrowOp Technology, specializes in controlled environment agricultural technologies.
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
Cautionary 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: (i) our ability to integrate Black Oak Gallery, a California corporation ("Black Oak"), as well as vitamin and dietary supplement lines, into the Company's operations, (ii) product demand, market, and customer acceptance of the Company's products, (iii) the Company's ability to obtain financing to expand our operations, (iv) the Company's ability to attract qualified sales representatives, (v) competition, pricing and development difficulties, (vi) the Company's ability to conduct the business of IVXX, Inc., the contemplated businesses of MediFarm, LLC, MediFarm I, LLC, and MediFarm II, LLC, if there are changes in laws, regulations, or government policies related to cannabis, (vii) the Company's ability to conduct operations if disease, insects, or mites affect Edible Garden Corp.'s produce, herbs, and floral products, and (viii) 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.
Tables to Follow
|TERRA TECH CORP. AND SUBSIDIARIES|
|CONSOLIDATED BALANCE SHEETS|
|March 31,||December 31,|
|Total Current Assets||14,650,451||13,111,415|
|Property, Equipment and Leasehold Improvements, Net||10,525,431||10,464,764|
|Intangible Assets, Net||23,197,573||23,627,098|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Accounts Payable and Accrued Expenses||$||3,692,329||$||2,417,400|
|Income Taxes Payable||615,830||615,830|
|Total Current Liabilities||26,096,379||22,670,413|
|Total Long-Term Liabilities||1,706,378||1,354,352|
|COMMITMENT AND CONTINGENCIES|
|Preferred Stock, Convertible Series A, Par Value $0.001: 100 Shares Authorized as of March 31, 2017 and December 31, 2016; 100 Shares Issued and Outstanding as of March 31, 2017 and December 31, 2016||-||-|
|Preferred Stock, Convertible Series B, Par Value $0.001: 49,999,900 Shares Authorized as of March 31, 2017 and December 31, 2016; 37,425,953 Shares Issued and Outstanding as of March 31, 2017; 36,825,953 Shares Issued and Outstanding as of December 31, 2016||37,426||36,826|
|Common Stock, Par Value $0.001: 990,000,000 Shares Authorized as of March 31, 2017 and December 31, 2016; 577,022,942 Shares Issued and Outstanding as of March 31, 2017; 553,863,812 Shares Issued and Outstanding as of December 31, 2016||577,023||553,864|
|Additional Paid-In Capital||133,004,724||124,915,182|
|Total Terra Tech Corp. Stockholders' Equity||50,636,186||52,634,873|
|Total Stockholders' Equity||49,774,945||52,153,965|
|TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY||$||77,577,702||$||76,178,730|
|TERRA TECH CORP. AND SUBSIDIARIES|
|CONSOLIDATED STATEMENTS OF OPERATIONS|
|Three Months Ended March 31,|
|Cost of Goods Sold||6,465,393||1,414,193|
|Selling, General and Administrative Expenses||6,386,300||2,046,348|
|Loss from Operations||(6,027,237||)||(1,912,374||)|
|Other Income (Expense):|
|Amortization of Debt Discount||(610,616||)||(94,406||)|
|Loss on Extinguishment of Debt||(1,039,458||)||(920,797||)|
|Gain (Loss) on Fair Market Valuation of Derivatives||1,610,750||(1,160,700||)|
|Loss on Fair Market Valuation of Contingent Consideration||(4,348,761||)||-|
|Total Other Income (Expense)||(4,545,918||)||(2,231,898||)|
|Loss Before Provision for Income Taxes||(10,573,155||)||(4,144,272||)|
|Provision for Income Taxes||-||-|
|Net Loss Attributable to Non-Controlling Interest||461,167||18,208|
|NET LOSS ATTRIBUTABLE TO TERRA TECH CORP.||$||(10,111,988||)||$||(4,126,064||)|
|Net Loss Per Common Share Attributable to Terra Tech Corp. Common Stockholders - Basic and Diluted||$||(0.02||)||$||(0.01||)|
|Weighted-Average Number of Common Shares Outstanding - Basic and Diluted||567,271,642||326,500,982|
KCSA Strategic Communications
Source: Terra Tech Corp.
Released May 11, 2017