IRVINE, CA -- (Marketwired) -- 11/09/17 -- Terra Tech Corp. (OTCQX: TRTC) ("Terra Tech" or the "Company"), a vertically integrated cannabis-focused agriculture company, today announced its third quarter 2017 financial results for the period ended September 30, 2017.
"The third quarter marked the expansion of Blüm℠'s cannabis sales into Nevada's adult-use market for the first time," said Derek Peterson, Chief Executive Officer of Terra Tech Corp., "This was a turning point for the Company, as it opened up our total addressable market significantly. We are pleased with our early-stage traction in the adult-use market, which drove 82% revenue growth in the cannabis segment compared with the same period in the prior year. To support the increased demand for cannabis products throughout Nevada we are expanding our cultivation and production facilities through an arrangement with NuLeaf, and expect to start ramping production at the new facilities in Sparks, NV and Reno, NV by the end of the year."
Mr. Peterson continued, "We expect the favorable market conditions to continue to accelerate our growth, with California adult-use sales expected to come online in 2018. We have taken several steps to position the Company to leverage this major opportunity, including expanding our Blüm brand in California by operating a new dispensary in Santa Ana (previously known as The Reserve), and constructing a new Blüm dispensary in San Leandro, which is expected to open in early 2018. We are investing in our California production facilities so that we can rapidly pivot to meet demand from the adult-use market as legal sales commence in 2018. During the third quarter we signed our second craft cultivator agreement to enable us to expand our production, and our new cultivation facility in Oakland, California is expected to be fully operational in early 2018.
"The cannabis segment contributed 86% of total revenues in the third quarter and represents a major growth opportunity for Terra Tech. As we advance our plans to grow market share in the cannabis market, we are also experiencing success with Edible Garden™, a provider of herbs and leafy greens to consumers in the U.S., which saw improved gross profits and gross profit margins year over year. We are encouraged by the strong results we reported this quarter and look forward to continuing to grow the business and build value for our shareholders," concluded Mr. Peterson.
The company will also host a conference call today, Thursday, November 9, 2017 at 4:30 PM Eastern to discuss its financial results and the outlook for 2017.
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.
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. 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. Terra Tech's MediFarm LLC subsidiaries are focused on medical and adult-use cannabis cultivation and permitting businesses throughout 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 Aldi, ShopRite, Walmart, Meijer, Kroger, Stop & Shop and others nationwide.
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 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) 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 STATEMENTS OF OPERATIONS|
|For the Three Months Ended||For the Nine Months Ended|
|September 30,||September 30,|
|Cost of Goods Sold||7,786,437||5,694,289||20,588,330||15,380,864|
|Selling, General and Administrative Expenses||6,238,110||5,942,636||18,653,697||13,233,888|
|Loss from Operations||(3,903,172)||(4,686,560)||(14,453,323)||(10,416,311)|
|Other Income (Expense):|
|Amortization of Debt Discount||(490,068)||(610,089)||(1,616,338)||(922,621)|
|Impairment of Property||(138,037)||-||(138,037)||-|
|Loss on Extinguishment of Debt||(1,373,538)||-||(4,052,133)||(920,797)|
|Loss from Derivatives Issued with Debt Greater than Debt Carrying Value||-||(867,000)||-||(1,355,000)|
|Gain (Loss) on Fair Market Valuation of Derivatives||(1,475,900)||771,000||1,122,050||(595,700)|
|Loss on Fair Market Valuation of Contingent Consideration||-||-||(4,426,047)||-|
|Gain on Settlement of Contingent Consideration||-||-||4,991,571||-|
|Total Other Income (Expense)||(3,597,193)||(865,722)||(4,526,927)||(4,070,311)|
|Loss Before Provision for Income Taxes||(7,500,365)||(5,552,282)||(18,980,250)||(14,486,622)|
|Provision for Income Taxes||-||410,300||-||791,300|
|Net (Gain) Loss Attributable to Non-Controlling Interest||(292,568)||374,823||621,560||629,861|
|NET LOSS ATTRIBUTABLE TO TERRA TECH CORP.||$||(7,792,933)||$||(5,587,759)||$||(18,358,690)||$||(14,648,061)|
|Net Loss Per Common Share Attributable to Terra Tech Corp. Common Stockholders - Basic and Diluted||$||(0.01)||$||(0.02)||$||(0.03)||$||(0.04)|
|Weighted-Average Number of Common Shares Outstanding - Basic and Diluted||720,366,345||352,676,081||624,153,141||343,052,572|
|TERRA TECH CORP. AND SUBSIDIARIES|
|CONSOLIDATED BALANCE SHEETS|
|September 30,||December 31,|
|Prepaid Expenses and Other Current Assets||6,457,920||704,721|
|Total Current Assets||18,257,417||13,111,415|
|Property, Equipment and Leasehold Improvements, Net||10,973,932||10,464,764|
|Intangible Assets, Net||28,960,102||23,627,098|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Accounts Payable and Accrued Expenses||$||4,210,514||$||2,417,400|
|Income Taxes Payable||557,859||615,830|
|Total Current Liabilities||9,407,373||22,670,413|
|Total Long-Term Liabilities||2,133,904||1,354,352|
|COMMITMENTS AND CONTINGENCIES|
|Preferred Stock, Convertible Series A, Par Value $0.001:||-||-|
|100 Shares Authorized as of September 30, 2017 and December 31, 2016; 100 Shares Issued and Outstanding as of September 30, 2017 and December 31, 2016|
|Preferred Stock, Convertible Series B, Par Value $0.001:||-||36,826|
|49,999,900 Shares Authorized as of September 30, 2017 and December 31, 2016; 0 and 36,825,953 Shares Issued and Outstanding as of September 30, 2017 and December 31, 2016, respectively|
|Common Stock, Par Value $0.001:||863,734||553,864|
|990,000,000 Shares Authorized as of September 30, 2017 and December 31, 2016; 863,733,855 and 553,863,812 Shares Issued and Outstanding as of September 30, 2017 and December 31, 2016, respectively|
|Additional Paid-In Capital||165,367,190||124,915,182|
|Total Terra Tech Corp. Stockholders' Equity||75,001,235||52,634,873|
|Total Stockholders' Equity||75,816,238||52,153,965|
|TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY||$||87,357,515||$||76,178,730|
KCSA Strategic Communications
Source: Terra Tech Corp.
Released November 9, 2017