Terra Tech Corp (OTCMKTS:TRTC) subsidiary MediFarm has announced the construction of a medical cannabis dispensary in Las Vegas. The site of the building is located on 1921 Western Avenue, adjacent to the Las Vegas strip and covers a total area of 3,900 sq. ft. Recently, Terra Tech announced its 1Q2015, which gave encouraging news about the company’s health. Not only did the sale of cannabis add to the company’s revenues, but the Terra Tech has enough to go ahead with the dispensary construction without much problems.
Terra Tech revealed that it generated a total of $763,000 in revenues, a 36.23% rise from last year. The gross profit also reached $229,000, from $2,090 last year. The increase was primarily from the sale of the company’s cannabis products. The company stated that the new hydroponics system at the Edible Garden facility had helped greatly in generating profits. Unfortunately, the company still recorded a net loss of $0.01 per share. The results have been pretty impressive, considering that Terra Tech has only recently joined the marijuana industry. Initially, the company was founded with the aim of providing VOIP services.
Although the initial stages of the filings and obtaining the proper permissions for the property have consumed a lot of time, TRTC still expects the dispensary to be functional by October of this year. The CEO of Terra Tech, Derek Peterson, stated that his company has made great progress in the state of Nevada this year. He also revealed that the company is closely working with the architects and engineers involved in the building process, throughout the state. The company hopes to bring quality cannabis products to its consumers in the state. Mr. Peterson hinted that it would be the quality of service that would set his company’s dispensary apart. Additionally, the company also has a unique way of pairing different products to target ailments.
Terra Tech Corp (OTCMKTS:TRTC) traded 214.83 million shares during the June 12 session to register a rise of 23.08%, closing at $0.144 at the last bell.