Derek Peterson, the CEO of Terra Tech Corp (OTCMKTS:TRTC), reported that the company made a commitment to its shareholders to expand gross margins back in 2014, and they have made substantial progress in the first quarter of 2015. During the quarter, the company launched cannabis concentrates with healthy margins. They were successful to reduce operating costs at EG which also supported overall performance in the quarter.
The expert view
Peterson of Terra Tech further added that IVXX product must function as a not for profit in California. Therefore, in order to meet compliance the funds generated from the respective division is reinvested back into the brand. It helps the company to move forward with the development process of infrastructure and reduce cash burn. It also helps the company to raise less capital, resulting in less dilution for TRTC shareholders.
The CEO of Terra Tech informed that they are working meticulously on the California legislation to develop a for profit platform. During the course, the management plans to methodically and aggressively expand company’s brand throughout the largest medical cannabis industry in the nation. There are other targets area including Nevada, which again is a for profit environment. The longevity in brand development is one of the vital assets of the company.
Terra Tech Corp (OTCMKTS:TRTC) informed that IVXX manufactured and shipped concentrates in 1Q2015. The premium cannabis concentrates were sent to various medical marijuana dispensaries in the California market. The subsidiary Edible Garden was successful in expanding their footprint in Walmart stores. The company also introduced a new site IVXX.com to create awareness and support their new cannabis product. MediFarm commenced the process of developing the infrastructure plans needed to initiate construction. It submitted and received preliminary nod for business licensing in the City of Reno, City of Las Vegas and Washoe County.