Shares of marijuana company, Terra Tech Corp. (OTCQX: TRTC) are down as much as 10% in the early hours of trading on May 18, 2016. Within the first hour of trading, nearly 1.8 million shares have changed hands or around $400,000 in dollar volume.
The declines in Terra Tech Corp. (OTCQX: TRTC) come after the company reported first quarter earnings last week on May 12th, that were overall strong. The marijuana company reportedly generated $1.5 million in revenues during the first quarter 2016, versus $763,000 in total revenue during the first quarter in 2015. However, gross margins saw a hefty drop from 29% in Q1 2015 to 9% in Q1 2016. The drop in gross margins was blamed on higher research and development costs regarding Terra Tech Corp. (OTCQX: TRTC)’s marijuana concentrate initiatives.
About Terra Tech
Terra Tech Corp. (TRTC) operates through multiple subsidiary businesses including: Blum, IVXX Inc., Edible Gardens, MediFarm LLC and GrowOp Technology. Blum’s retail medical cannabis facilities focus on providing the highest quality medical cannabis to patients who are looking for alternative treatments for their chronic medical conditions. Blum offers a broad selection of medical cannabis products including; flowers, concentrates and edibles through its Oakland, CA and multiple Nevada locations. IVXX, Inc. is a wholly-owned subsidiary of Terra Tech that produces medical cannabis-extracted products for regulated medical cannabis dispensaries throughout California. The Company’s wholly-owned subsidiary, Edible Garden, cultivates a premier brand of local and sustainably grown hydroponic produce, sold through major grocery stores such as ShopRite, Walmart, Winn-Dixie, Raley’s, Meijer, Krogers, and others throughout New Jersey, New York, Delaware, Maryland, Connecticut, Pennsylvania and the Midwest. Terra Tech’s MediFarm LLC subsidiaries are focused on medical cannabis cultivation and permitting businesses throughout Nevada. The Company’s wholly-owned subsidiary GrowOp Technology, specializes in controlled environment agricultural technologies.