Terra Tech Corp (OTCMKTS:TRTC) has posted earnings for the quarter ending March 31, which shows an increase in revenue compared to the same period last year. The operator of Edible Gardens, MediFarm LLC says it generated revenues of $1.5 million for the quarter, compared to $763,000 generated the previous year.
A $103% increase in revenue allowed the company to post a Gross profit of $134,000. The cannabis company attributes the increase to higher sales from its Edible Garden division. Net debt during the quarter was down by 40% to $554,000. The first quarter numbers do not include numbers from the Blum acquisition.
IVXX Vape Product Expansion
Meanwhile, Terra Tech Corp has confirmed the expansion of the IVXX Vape Product Line with the launch of the Z92 cartridges. The second line of cannabis oil cartridges builds up, on the company’s original Z35 cannabis oil cartridge, launched in April.
The IVXX Z92 cartridges just like the previous products are on offer on a variety of cannabis strains that are easy to use. Made from locally grown cannabis, IVXX Z92 cartridges come with Tetrahydrocannabinol (THC) content level of between 75 and 85%, compared to 60-68% in Z35s. Pre-filled cartridges are currently being assembled at the IVXX Extraction lab and distributed via Blum retail locations.
Buoyed by the latest release, CEO, Derek Peterson, says the pre-filled cartridge product line continues to elicit strong demand in the market. The company has already received an order of 10,000 units for the new cannabis oil cartridges from one of its distributors, an indication of strong demand.
Given the strong demand, the executive has confirmed that they are working to develop a new suite of different cartridge types that should appeal to a broader market.
In the stock market, Terra Tech Corp (OTCMKTS:TRTC) remains one of the most active stocks on the OTC market. The stock is currently trading at a tight range of between $0.30 and $0.34, away from its 52-week low of $0.08 a share.