Terra Tech Corp (OTCMKTS:TRTC) released its second quarter 2017 financial report for the period closed June 30, 2017. Derek Peterson, the CEO, reported that they witnessed a continued strengthening in demand for their cannabis offerings as sales from wholesale IVXX brand as well as Blüm dispensaries continued to record traction.
The revenue from total cannabis segment came at $6 million in the Q2 2017, as against $3.8 million in the same period in the previous year. The second quarter momentum is anticipated to jump in 2H2017, supported by adult-use cannabis sales in the state of Nevada, which started in July 2017.
Terra Tech CEO reported that Edible Garden, which results in fresh, locally-cultivated herbs and lettuces, continues to offer steady cash flow for the operations and they are constantly exploring prospects to increase its growth potential. To advance these measures, they select to discontinue its low-margin floral offerings, which will allow them to focus their resources on more lucrative produce lines in the forthcoming period. To lead growth in this segment, they are even implementing a new marketing strategy to enhance brand recognition among Edible Garden’s healthy living client base.
Peterson added that they are delighted with this quarter’s report and consider the market prospect for aggressive and dynamic firms in the growing legal cannabis market is evident. Enhancing value for shareholders continues to be their top priority as they lay the foundation for imminent growth at Terra Tech, and they are taking measures to enhance the firm’s corporate governance to advance this. They leave their revenue projection of $38 million to $40 million for 2017 unchanged.
In the Q2 2017, total revenues came at $7.8 million, as against $9.7 million in the comparable period in 2016. The decline was attributable to the expiration of Edible Garden’s deal with a grower of floral offerings.