Terra Tech Corp (OTCMKTS:TRTC) has announced that its subsidiary MediFarm has started the construction of its medical cannabis dispensary in Las Vegas. The company revealed that the ground breaking ceremony would be held in the next 30-days and the construction work would carry on for the rest of the year. Unfortunately, Terra Tech is not a company with good financial health. Consequently, it has found increasingly hard to keep the investors interested in its stock.
MediFarm had acquired the provisional registration from the state of Nevada, Department of Health last year. Terra Tech management revealed that the dispensary was just one of the many projects that the company has been involved in, in the state of Nevada. However, the dispensary is expected to be the first Terra Tech facility to function in the state. The management also announced that the company has been in talks with potential distributors to fulfill the demand of cannabis once the dispensary starts.
Terra Tech wants to provide the best experience possible with its dispensary in the state, which is why it has a number of teams concentrating on the project. The company has set a number of milestones for the rest of the year and has promised to keep the shareholders updated on them. Unfortunately, even with so much going on around the company, shareholders have remained uninterested in TRTC. The current year has resulted in a series of declines for the stock and the company’s latest filing did not help its case.
As per the latest filing, Terra Tech is in poor financial health and does not have the cash required to fulfill the requirements of the dispensary project. However, the company does have enough assets to apply for a loan, but the huge net loss of $2.07 million means that the company would find it difficult to payback. The safest way out for the company is to liquidate the stock and that never fares well with the investors.
Terra Tech Corp (OTCMKTS:TRTC) traded 214.83 million shares on May 2, to close at $0.146, after gaining 4.81%.