Terra Tech Corp (OTCMKTS:TRTC) has posted revenues of $28.05 million in 2019. It is an increase of $7.89 million when compared to the previous year. The company has reported better results from the sale of herb products and the produce of Edible Garden, dispensary revenues ($3.71 million), and improved manufacturing operations.
Adult-use and medical cannabis products
CEO of Terra Tech, Matthew Morgan, said the cannabis market in 2019 experienced turbulence because of challenges posed by regulatory constraints and market volatility that restricted the operator’s ability to mobilize funds. However, Terra Tech continued its growth with adult-use and medical cannabis products in 2019. The company also began executing its strategy to merge with OneQor Pharmaceutical.
Completes merger with OneQor
Terra Tech has closed the merger with OneQor in early 2020. The merged entity is called Onyx Group Holdings. It will trade on the OTC markets under a new ticker symbol. Matthew will act as the Chief Executive Officer of Onyx and will join the director board. Derek Peterson will continue to work as Chairman of the new company. In a chat with Benzinga, Matthew said the team is pleased with the merger of OneQor and Terra Tech. He said the merged company will operate under the new name – Onyx. It will operate two separate verticals in CBD and THC.
The merger positioned Terra Tech as a manager, acquirer, and owner of diverse business groups that operate within the cannabis industry. It is now a leader in niche markets and on the path to profitability. Terra Tech can now divest underperforming assets under the new structure and reallocate the funds in high performing opportunities in the cannabinoid industry.
Terra Tech will leverage the team of world-class scientists at OneQor to develop proprietary formulations and produce cannabinoid products targeting the pharmaceutical industry. The company will also revitalize its THC-related assets. In 2020, the company will fund these initiatives through the sale of assets.
OneQor appoints Dr. Joseph Fortunak as CSO
OneQor has recruited Dr. Joseph Fortunak as CSO. He brings 21 years of experience in the pharmaceutical industry. Joseph is with the company since February last year. He previously worked as Head (Global Chemical Development) at Abbott.