Last three months were dismal for Terra Tech Corp (OTCMKTS:TRTC) stock as it kept on making new 52-week lows. Last Monday, it seemed that the stock have finally halted its decline as the stock posted gains of 4.8% to close at $0.146 per share. But it was a short-term pullback which was followed by red sessions in rest of the week. Yesterday session was no better as the stock declined more than 9% to close the trading session at $0.123. The decline came at a share volume of 2.22 million compared to average share volume of 956,174.
The buzz
Terra Tech issued a PR on June 1, 2015 wherein it reported that its MediFarm subsidiary is getting prepared to break ground on a dispensary location. The construction is expected to begin soon in coming weeks. The news managed to fetch attention of investors for just one day as after Monday the stock returned back to its declining trend. The momentum states that nobody is rushing to buy Terra Tech. The kicker in the PR was the statement that highlighted new dispensary will serve patients by October 2015.
The problem
Terra Tech PR stated several times that the dispensaries in state of Nevada should commence in the summer. The very fact that everything is pushed back to October is spreading discontent amongst the investors and shareholders. The cultivation and production facilities are not mentioned in the PR, which were previously anticipated to start in 1Q2015.
The management comments
The CEO Derek Peterson said that Terra Tech Corp (OTCMKTS:TRTC) recorded substantial progress this year. It has been working with builders and architects on key assignments throughout the state. The first retail dispensary is expected to open in Las Vegas. It will also serve as a anchor store in Nevada state. The company is working with other groups to get premium cannabis products for patients.
