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Marijuana

Terra Tech Corp (OTCMKTS:TRTC) Reports Revenues Of $28.05 Million In 2019

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.

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Marijuana

Terra Tech Corp (OTCMKTS:TRTC) Announce Completion Of Merger With OneQor Pharmaceuticals

Terra Tech Corp (OTCMKTS:TRTC) has announced the closing of a merger with privately held OTC pharmaceutical company OneQor Pharmaceutical and its wholly-owned subsidiary in an all-stock transaction.

Terra Tech shareholders to hold a major stake in combine company

Before the closing of the merger, the companies have signed an amendment to the merger agreement under which pre-merger stockholders of Terra Tech will own around 79% of the combined company. On the other hand, OneQor stockholders, as well as certain OneQor Simper Agreements for Future Equity holders, will own the rest of the combined company.

Equally, according to the amendment concerning terms of certain OneQor SAFEs, such SAFEs will be turned into Terra tech common shares on the first day of trading. Once the SAFE 2s are converted shareholders of Terra Tech before the merger will hold 73.9% of the combined company with OneQor shareholders and certain holders of SAFE before the merger holding 19.7% with SAFE 2 holders holding the remaining 6.2% of the combined company

In connection with this merger, the combined company is planning to change its name to Onyx Group Holding. The company expects to begin trading on the OTC Market under a new symbol they will announce soon.

New company to focus on cannabinoid products

The newly merged company will be focusing on cannabinoid-based pharmaceutical development prospects and the expansion of its THC assets portfolio. The company will have three business verticals, which include cannabinoid-based products, Terra Tech’s THC assets, and OneQor’s pharmaceutical infrastructure.

Following the closing of the transaction, OneQor CEO Matthew Morgan will take over reigns as the CEO of the combined company and will join Terra Tech’s Board. Terra Tech CEO Derek Peterson will continue as the Board Chairman, and the board will have five members four from Terra Tech’s current board and Morgan.

Peterson indicated that they were delighted to bring Morgan on board to lead the combined company through the next phase of its evolution. He added that Morgan is one of the early adopted in the cannabis industry who has emerged as an important cannabis businessman.

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Marijuana

Terra Tech Corp (OTCMKTS:TRTC) Posts An Increase Of 131% In Q3 2019 Revenues: Terra Tech Appoints Chief Scientific Officer

Terra Tech Corp (OTCMKTS:TRTC) has reported revenues of $7.61 million in Q3 2019. It represents an increase of 131% when compared to the same period in 2018. The company derived incremental revenues because of a growth of $2.75 million (year on year) in the dispensary and developing cultivation.

OneQor Pharmaceutical to merge with Terra Tech

Terra Tech’s subsidiary entered a merger accord with OneQor. It is an all-stock transaction and positions Terra Tech as a leading player in product development, cannabinoid research, and in CBD. Following the deal, Terra Tech’s product line of agricultural and THC related assets would continue for the short term, and the combined entity would explore opportunities in pharmaceutical development for OneQor.

Chief Executive Officer of OneQor, Matthew Morgan, said the company combines the proprietary and research compounds of OneQor with TerraTech’s corporate governance structure, asset management to show a positive impact. He is familiar with the team of Terra Tech for several years, and a merger with TerraTech makes this vision a reality.

CEO of Terra Tech, Derek Peterson, said the cannabis industry is facing regulatory and capital stringent. The merger will help to derive decent returns for the shareholders using its balance sheet.

Morgan will head the combined entity. He is a versatile entrepreneur and expert in the cannabis industry to steer the company in a profitable path. Peterson would continue as Vice Chairman in the combined entity. The company would conduct business operations in Irvine, California, and Phoenix, Arizona.

After the merger, the strategic options for the business of Terra Tech would include a potential sale, special dividend, or spin-off. The shareholder’s value can be maximized by separating the OneQor and historical Terra Tech businesses.

Applies for patents

OneQor’s operations include ongoing case studies that use CBD and other cannabinoids. It also conducts subsequent studies that target sleep disturbances, inflammation, chronic pain, and opioid cessation. The company applied for patents covering clinical and technical innovations. It will manufacture the products in FDA certified facility. OneQor is negotiating with national retail chains to formulate/ supply the products together with the CBD based products.

OneQor appoints CSO

OneQor has appointed Dr. Joseph Fortunak as the Chief Scientific Officer. He contributes 21 years of pharmaceutical industry experience.

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Marijuana

Terra Tech Corp (OTCMKTS:TRTC) To Realize $10 Million From The Sale Of Nevada Based Cannabis Dispensary To Picksy LLC In 90 Days

Terra Tech Corp (OTCMKTS:TRTC) entered a pact with Picksy LLC to offload Blum Desert Inn Retail Dispensary based in Las Vegas, Nevada at 1130 East Desert Inn Road. The deal, which is valued at $10 million, will be completed in 90 days. Picksy will pay cash of $7.2 million and the balance in the form of a promissory note. The company will pay an interest of 5% for the balance $2.8 million. The sale is subject to the jurisdictional and state approvals.

Terra Tech opened the 5,220 Sq. ft. facility in October 2016 in Las Vegas Nevada to sell shatters, flowers, premium cannabis, oils and waxes sourced from reputed providers. The valuation of the dispensary has considerably increased since its purchase. The company believes sales of the dispensary increase the value for shareholders.

Spur Growth

Chief Executive Officer of Terra Tech, Derek Peterson said the planned sale is to promote growth. He said the company would use the proceeds for California based productive assets. It plans to achieve the momentum with enhanced investments in sales, infrastructure and marketing.

Q1 2019 results

Terra Tech reported revenues of $7.4 million in Q1 2019, a marginal decline from $8.6 million for the same period last year. It is because of the imposition of higher taxes on cannabis sales in California by the tax authorities.

Derek said the company achieved significant progress in the restructuring and establishing the footprint in the California Market in Q1 2019. The company has successfully completed the construction of Oakland based Hegenberger cultivation facility. It is awaiting the state approval to begin operations and improve manufacture of IVXX wholesale premium cannabis brand in the state.

Terra Tech inaugurated Blum dispensary in California at San Leandro. The company has increased considerable medical foot print at this dispensary since its opening. It expects to maintain sales momentum at this facility throughout the year mainly because of the brand recognition and increased intake by adult users.

The team at Terra Tech is putting in considerable efforts to improve revenues through new sales initiatives. The company also plans to use the funds in strategic locations for enhanced returns.

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Marijuana

Terra Tech Corp (OTCMKTS:TRTC) CEO Derek Peterson Issues Letter To Shareholders

Terra Tech Corp (OTCMKTS:TRTC), an agriculture company that deals with vertically integrated cannabis recently announced that its Chairman and CEO, Derek Peterson has issued a letter addressed to shareholders.

The letter kicked off with Peterson confirming to the company’s shareholders that 2018 was a tough year for the firm. This is because Terra Tech had to go through multiple operation hurdles, various construction projects, and regulatory changes. It had to manage all the above issues while handling litigation issues.

Terra Tech had to terminate and rebuild its manufacturing and cultivation infrastructure due to the newly implemented regulations in California. According to Peterson, these activities led to some disorganization in the company and eventually affected its performance in the financial year 2018. The management is already convinced that Terra Tech’s true value does not currently align with its current market cap.

Terra Tech has an elaborate strategy for its future plans

Terra Tech had initially planned to penetrate multiple markets in the U.S but then it faced a lot of competition from rivals that have a strong financial standing. The company is currently working towards focusing heavily on expansion in the California market. This is because California is the fifth largest global market and potentially the largest biggest cannabis market in the U.S.

The company also sees many opportunities for organic growth through mergers and acquisition in the state. Terra Tech also revealed that it has finalized the material construction expenses at its cultivation and manufacturing facilities in Nevada and Oakland. Some of its operations are still in development are they are expected to start adding value this year or next year.

Terra Tech has also kicked off wholesale cannabis sales in Nevada and it also plans to introduce the sale of cannabis concentrates. It also plans to add more value through the introduction of a branded delivery service aimed at providing pop-up retail experiences at some of the firm’s locations in California. The company is also confident that its Q4 2019 topline revenue will grow to $63.3 million. This is courtesy of some of the existing permits that the company currently holds.

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Marijuana

Golden Leaf Holdings Ltd (OTCMKTS:GLDFF) Announces Restructuring of Accord With Tahoe

Golden Leaf Holdings Ltd (OTCMKTS:GLDFF) has announced the successful restructuring of deal terms with Tahoe Hydroponics Company and 11T Corp (collectively called ‘Tahoe’). Golden Leaf will benefit from savings of C$22.4 million in the new accord.

As per the modified agreement, Golden Leaf will pay a sum of U$25 million to acquire California and Nevada Assets of Tahoe. The company is agreed to pay US$4.0 million in cash. The balance proceeds of the deal will be adjusted with a stock of Golden Leaf.

Stock Component in the Revised Accord

As per the terms of the deal, Golden Leaf will issue stocks worth US$12.3 million. The stock price is calculated considering 60-day weight average before November 20, 2018. The company will complete the stock deal within 10 calendar days after the declaration of audited financial statements of Tahoe.

The company will complete the stock issue in two parts. The first chunk of issuance of common stock worth US$8.7 million will be issued after Tahoe achieving the expected revenues for Q4, 2018; Q1, Q2 of 2019. Golden Leaf will issue second part after Tahoe achieves expected earnings and net income in Q3, Q4, 2019. If Tahoe fails to achieve the set revenues and net income, the company will apply a sliding scale to a pre-decided threshold. The takeover of Tahoe will help Golden Leaf to establish a footprint in California and Nevada markets.

Golden Leaf Holdings Ltd Signs An Accord to Merge with Terra Tech Corp (OTCMKTS:TRTC)

Terra Tech Corp (OTCMKTS:TRTC) has entered into a merger pact with Golden Leaf Holdings Ltd. As per the terms of the deal, Terra Tech Corp’s wholly owned subsidiary will be merged with Golden Leaf Holdings Ltd.

As per the terms of the Letter of Intent, 0.1203 shares of TRTC will be issued to the shareholders of Golden Leaf for every share. The deal is subject to the approval of board directors of Golden Leaf and TRTC and regulators. Following the merger, TRTC will expand its business operations in the US. The merged entity will have 41 permits in Nevada and California covering the production, cultivation, distribution, and marketing of Cannabis.

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