IRVINE, Calif., May 10, 2018 (GLOBE NEWSWIRE) -- Terra Tech Corp. (OTCQX:TRTC) (“Terra Tech” or the “Company”), a vertically integrated cannabis-focused agriculture company, today announced its first quarter 2018 financial results for the period ended March 31, 2018.
“We were pleased to report revenue growth of 26% compared to the prior year period,” commented Derek Peterson, Chief Executive Officer of Terra Tech. “This was the first quarter in which we generated revenues from sales to California’s adult use cannabis market. We believe these revenues will accelerate as the industry’s supply chain professionalizes and the adult-use market matures. California is the world’s largest cannabis market, home to approximately 40 million people, and we are proud to have positioned ourselves to have first mover advantage in anticipation of a significant market ramp over the coming months. To prepare us to scale our production to meet this projected demand, we are building a Blüm dispensary and extraction facility in San Leandro and have submitted applications to open two additional retail dispensaries in Santa Ana. As a result of this infrastructure buildout and the developments in the market, our California operations are well-positioned to drive top-line revenue growth in the future.
“We are also pleased with the performance of our four Nevada-based cannabis dispensaries, which have been selling to the adult-use market since July of last year and have established both our Blüm retail and IVXX wholesale brands as recognized leaders in the adult-use market. During the first quarter we participated in completing the construction of our new cultivation facility in Sparks, NV and our cannabis extraction facility in Reno, NV, which will significantly expand our capacity when the requisite state approvals come through.
“Our revenues from Edible Garden increased 40% as sales for our expanded line of organic and locally-grown salads and greens gained momentum. This segment of our business gives us a strong foothold in the New Jersey market and we will continue to invest in building out its distribution channels and constructing a major new packaging facility,” concluded Mr. Peterson.
Terra Tech received State of California Temporary Authorization to cultivate, manufacture, distribute and retail cannabis to the adult-use market, following California’s legalization of adult-use cannabis sales effective January 1, 2018. This significantly expands the Company’s potential customer base in California beyond the medical market, which it has been servicing since April 2016.
The company will also host a conference call today, Thursday, May 10, 2018 at 4:30 PM Eastern Time.
Derek Peterson, Chairman and CEO of Terra Tech Corp., will be answering shareholder questions at the end of the call. Should you have questions during or prior to the conference call please send an email to TRTC@kcsa.com with ‘TRTC Question’ in the subject line. Mr. Peterson will answer as many questions as time will allow.
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 and California. 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. 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, Ahold, Aldi, Meijer, Kroger, Stop & Shop and others nationwide. Terra Tech’s MediFarm LLC subsidiaries are focused on medical and adult-use cannabis cultivation and permitting businesses throughout Nevada.
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) ability to integrate GrowOp Technology Ltd. into its operations as a reporting issuer with the Securities and Exchange Commission, and (vi) 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.
KCSA Strategic Communications
|TERRA TECH CORP. AND SUBSIDIARIES|
|CONSOLIDATED STATEMENTS OF OPERATIONS|
|Three Months Ended|
|Cost of Goods Sold||6,967,926||6,465,393|
|Selling, General and Administrative Expenses||8,422,548||6,386,300|
|Loss from Operations||(6,775,108||)||(6,027,237||)|
|Other Income (Expense):|
|Amortization of Debt Discount||(468,317||)||(610,616||)|
|Loss on Extinguishment of Debt||(4,731,246||)||(1,039,458||)|
|Gain on Fair Market Valuation of Derivatives||2,281,000||1,610,750|
|Interest Expense, Net||(259,621||)||(157,833||)|
|Loss on Fair Market Valuation of Contingent Consideration||-||(4,348,761||)|
|Total Other Income (Expense)||(3,178,184||)||(4,545,918||)|
|Net Income (Loss) Attributable to Non-Controlling Interest||78,628||(461,167||)|
|NET LOSS ATTRIBUTABLE TO TERRA TECH CORP.||$||(10,031,920||)||$||(10,111,988||)|
|Net Loss Per Common Share Attributable to Terra Tech Corp. Common Stockholders – Basic and Diluted||$||(0.16||)||$||(0.27||)|
|Weighted-Average Number of Common Shares Outstanding – Basic and Diluted||64,711,660||37,818,109|
|TERRA TECH CORP. AND SUBSIDIARIES|
|CONSOLIDATED BALANCE SHEETS|
|March 31,||December 31,|
|Prepaid Expenses and Other Current Assets||1,581,555||1,067,689|
|Total Current Assets||17,551,615||18,243,131|
|Property, Equipment and Leasehold Improvements, Net||33,343,257||19,191,616|
|Intangible Assets, Net||27,166,459||27,773,110|
|LIABILITIES AND STOCKHOLDERS’ EQUITY|
|Accounts Payable and Accrued Expenses||$||4,840,730||$||5,444,710|
Total Current Liabilities
|Long-Term Debt, Net of Discounts||13,232,818||6,609,398|
|Total Long-Term Liabilities||13,232,818||6,609,398|
|COMMITMENTS AND CONTINGENCIES|
|Preferred Stock, Convertible Series A, Par Value $0.001:||-||-|
|100 Shares Authorized as of March 31, 2018 and December 31, 2017; 8 Shares Issued and Outstanding as of March 31, 2018 and December 31, 2017|
|Preferred Stock, Convertible Series B, Par Value $0.001:||-||-|
|49,999,900 Shares Authorized as of March 31, 2018 and December 31, 2017; 0 Shares Issued and Outstanding as of March 31, 2018 and December 31, 2017|
|Common Stock, Par Value $0.001:||65,345||61,819|
|990,000,000 Shares Authorized as of March 31, 2018 and December 31, 2017; 65,344,816 and 61,818,560 Shares Issued and Outstanding as of March 31, 2018 and December 31, 2017, respectively|
|Additional Paid-In Capital||200,222,380||181,357,715|
|Total Terra Tech Corp. Stockholders’ Equity||84,707,203||75,870,932|
|Total Stockholders’ Equity||85,711,485||76,802,291|
|TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY||$||107,844,433||$||98,187,799|
Released May 10, 2018