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.