Terra Tech Corp (OTCMKTS:TRTC) has announced that its subsidiary, Edible Garden, has successfully shipped its first produce of nutritionally enhanced lettuce, to ShopRite supermarkets. The product is named SUPERLEAF and was developed in collaboration with Nutrasorb LLC and Rutgers University. Edible Garden is a retailer of locally grown herbs, floral products and hydroponics produce. SUPERLEAF is the latest addition to its line of non-GMO fruits and vegetables.
SUPERLEAF is being offered to the public in two different variants, the Living Salad Mix and the ready to eat Spring Mix. Derek Peterson, the CEO of TRTC, stated that the agreement not only strengthens their collaboration with ShopRite, but also reflects the value of their product. ShopRite has approximately 300 stores in the north east and the company expects to use the customer response in the region, to draft a strategy for a nationwide launch.
Terra Tech recently announced its 1Q2016 financial results, reporting revenues of $1.5 million, an increase of 103% on a year-over-year basis. However, unfortunately gross margins for the quarter narrowed down to 9%, from 29% as compared to the 1Q2015. The company reported that this was primarily due to higher spending on new forms of cannabis products. A decline was observed in the general administrative expenses of the company, which fell by $0.3 million. As such, the operating loss for the 1Q2016 amounted to $1.9 million. However, the net loss increased from $2.1 million to $4.1 million, on a year-over-year basis.
TRTC also disclosed that there had been an increase in the stockholders equity of $1.3 million, on a quarter-over-quarter basis. Moreover, the company was also able to lower its short-term debt by almost 40%. It should be noted here that although the company had acquired Blum Oakland dispensary business, its finances were not reported in the current quarter.
Terra Tech Corp (OTCMKTS:TRTC) had a trade volume of 10.59 million and lost 4.09% of its share value, to reach a close at $0.328 per share, at the end of the May 24 trading session.