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.