TRTC stock is up in early morning trade Friday. Why? It has to do with the cannabis company announcing the start of cannabis sales to San Leandro, California’s adult use market.
Here’s what we know.
TRTC Stock Reacts to Cannabis Sales News
On May 3, Terra Tech Corporation (OTCQX:TRTC) announced the start of cannabis sales to the adult use market at the Blüm San Leandro cannabis dispensary.
Back in March, the San Leandro City Council approved adult use sales, giving it a start date of May 1, 2019. The Council then conducted a review, and granted TRTC the provisional adult and medical license yesterday, May 2, 2019. According to Yahoo Finance, the Council approved three facilities, but Terra Tech currently only operates the Blüm San Leandro dispensary. The license will last one year.
Since the Blüm San Leandro cannabis dispensary opened in January 2019, there has been significant foot traffic. However, adult users have been turned away because of restriction sales. With this provisional license granting cannabis sales to the adult use market, Terra Tech can start benefitting from this traffic.
“As the owners of the only open cannabis dispensary in San Leandro, we are now uniquely positioned to serve the adult use cannabis market in San Leandro,” said Derek Peterson, CEO of Terra Tech. “This is a great opportunity which opens our total addressable market and is expected to drive meaningful sales growth at our San Leandro location.”
According to Yahoo Finance, TRTC stock is trading at $0.82 as of 9:52 AM EDT. This puts the cannabis stock up 3.79% on the OTC market.
What do you think about TRTC commencing cannabis sales to the San Leandro adult use market? Do you think Derek Peterson is right that it means Terra Tech is in a unique position? Moreover, do you think TRTC stock will continue to trade in the green Friday?
Let us know what you think in the comments below!
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