Terra Tech Corp. (OTCQX: TRTC), a vertically integrated, cannabis-focused agriculture company, saw slight gains as the company announced that it has closed the acquisition Blüm Oakland, an established retail medical cannabis dispensary in Oakland, CA.
Blüm Oakland, which holds over 42,000 registered patients, has been operating since November 2012 and services close to 1,000 patients each day. The acquisition includes Blüm’s fully integrated supply chain, which consists of a sophisticated onsite cultivation facility and its portfolio of proprietary strains, as well as its high-volume retail storefront. Trailing 12-month non-GAAP revenue for Blüm Oakland is over $14 million.
The newly acquired business is profitable and is expected to provide further synergies for Terra Tech with additional customer and revenue opportunities anticipated from this acquisition. As a result of this acquisition, Terra Tech expects to generate approximately $9 million of incremental revenue in 2016, starting in April, with total Terra Tech revenues of $20 – $22 million currently estimated for the full year 2016.
Terra Tech’s 52 week stock range is $0.0795 – $0.421 and currently trading at $0.26 cents on heavy volume of over 7,800,000 shares traded by 1:00PM EST. The Company reported on March 29, 2016, a 41% revenue growth year-over-year for full year 2015 and 44% revenue growth quarter-over-quarter for Q4 2015. Total revenues generated for the quarter ended December 31, 2015 were approximately $2.17 million, an increase of 44% from $1.5 million in the same period in 2014; total revenues for the full year 2015 were $9.98 million, an increase of 40.6% from $7.09 million in the year ended December 31, 2014.