Terra Tech Corp (OTCMKTS:TRTC) has been making substantial progress in recent weeks. The company recently announced that its subsidiary, Edible Garden, has been awarded a grant worth $300,000, as part of the “New Jersey Clean Energy Pay for Performance Program”. The program is a part of the various incentives offered to small business owners and residents to reduce the energy demand of the state. Additionally, another one of Terra Tech’s subsidiaries, IVXX, has signed yet another retailer for its cannabis products. However, this time the retailer is based in the Bay Area, Green Coach Delivery.
The clean energy grant would be awarded to the company in 9-installments, with the first being received this month. Apart from helping companies reduce their carbon footprints, the grant also encourages the state to become a market for energy efficient technologies. Additionally, Edible Garden has already made huge investments at its facility in the state to make sure that the output is maximized, while keeping pollution to a minimum.
Derek Peterson, CEO of TRTC, stated that the grant is a welcome source of funding for his company, since it is a form of non-diluting funding. He further stated that the company has $2 million in private placement. About Green Coach, Mr. Peterson stated that the medical facility has great reputation in the Bay Area. He also stated that the marketing efforts were initiated at the High Times Cannabis Cup and have resulted in great success for the company.
Green Coach is a medical cannabis delivery service provider, with a special focus on affordable pricing and convenience. Additionally, TRTC needed a company that could sell IVXX under prescription only and in full compliance with the rules of California. Furthermore, efforts are being made to increase the awareness and educate people about IVXX and its benefits. The website would also help patients locate nearby retailers.
Terra Tech Corp (OTCMKTS:TRTC) closed at $0.105 on July 9, after trading 2.09 million shares and registering a decline of 7.89% in share value.