Terra Tech Corp (OTCMKTS:TRTC) subsidiary Edible Garden announced that it is expanding its product line of naturally cultivated living produce to various Wal-Mart Stores, Inc.(NYSE:WMT) distribution centers. In 2014, it was given an opportunity to test run its product line through one Walmart distribution center located in the Northeast. It was a great opportunity for Terra Tech’s subsidiary as the center serviced almost 75 stores.
Few days ago, Edible Garden was said that Walmart would be increasing its product line to four additional distribution sites located throughout the Midwest as well as the Northeast. Each distribution center provides its services to around 75 retail stores. Terra Tech’s subsidiary received the extended opportunity to offer its services to additional markets as it consistently delivered fresh and high quality living produce since they started servicing Walmart Group last June.
Derek Peterson, the CEO of Terra Tech, said that the extended opportunity is a major accomplishment for Edible Garden brand and a vast vote of confidence in the company’s abilities to support additional distribution centers in the U.S. The management is pleased that big retailers are supporting local farmers, investing in local communities and assisting to create local jobs.
The additional details
Terra Tech’s subsidiary expects to send the first orders to the centers by late May. It recently received organic certification and is on its way to develop additional products to commercialize through new as well as existing sales channels. The company is working carefully to nurture the relationship with Walmart and is excited to extend the relationship with them. The retailer have lower cost alternatives from outside the nation but they have selected to invest in a small firm like Terra Tech and in the communities in which firm operate. The objective is to offer services to as many of Walmart stores in the nation as much possible.
In last trading session, the stock price of Terra Tech declined more than 7% to close the trading session at $0.0186.