Terra Tech Corp (OTCMKTS:TRTC) has made its intention of participating in the cannabis-infused beverages sector by partnering with Valiente Group. Valiente Group is a beverage production company that specializes in cannabis infusion.
As a result, the company hopes the partnership will enable it to develop a range of cannabis-infused beverages with the help of the infusion technology which Valiente group has a lot of experience with. The infusion technology will be powered by SORSE branded technology. The company has also revealed that it intends to develop a single shot flavorless, odorless 5mg and 10mg shot that can be added to any beverage or craft cocktail for at home infusion. The company seeks to bolster the new developments by building-out a large-scale production and bottling facility in Santa Ana. The build-out is expected to drive up the distribution of the adult-use products to the California market.
The driving force behind the company’s foray into the cannabis-infused sector is the belief that the market segment is less crowded and that it presents the company with “a tremendous first mover opportunity.”
As per another recent press release by the company, the second quarter of 2018 was dedicated to growing topline revenues while at the same time investing in building out infrastructure to support the longer term growth strategy set by the management.
The release detailed that the total revenues generated during the quarter rose by 11% to $8.7 million compared to the same period in 2017. The growth is attributed to the dispensaries in Nevada and California which have seen revenues grow in recent times. Meanwhile, the gross margin is reported to have jumped to 25.3% compared to 19.2% in the same quarter in 2017. The release attributes the margin to the higher revenues it generated via the cannabis segment.
Per the release, sales amounted to approximately $8.0 million while the net loss amounted to $11.4 million. It also noted that the company had $5.2 million in cash while the stockholder’s equity amounted to around $91 million. As a sign of prudence, the company has no short-term debt.
The announcement reveals continued positive numbers in terms of sales in all the dispensaries while the construction of a Blum dispensary is still in progress. The company also reported the receipt of approval from the City of Santa Ana to acquire the cannabis retail permit.