After a rough December, TRTC stock is kicking off the new year in the best possible way—trading up in double digits. There’s no news to explain the jump; however, some cannabis investors may see it as a reason to keep an eye on Terra Tech Corp (OTCQX:TRTC) as the month of January progresses.
TRTC Stock: Kicking off January on a Positive Note
The North American Marijuana Index is doing reasonably well today, with TRTC stock trading up 11.68% at the time of writing. Earlier in the session, the weed stock was up nearly 14%, making it one of the best-performing weed stocks of the day.
This jump wasn’t a sure thing, though. On December 18th, word surfaced that Terra Tech is at the core of a lawsuit for alleged fraud, sending the stock down nearly 25%. In the complaint, there were roughly 50 claims against the agriculture company. On the same day, Golden Leaf Holdings (CSE:GLH) terminated its merger with the company. We first heard about the merger in November; however, the Toronto-based company announced a month later that it no longer wanted to pursue a transaction with TRTC.
For those who don’t know, TRTC is a vertically integrated company, creating high-quality cannabis products by integrating the natural world with technology. It is based in Irvine, California. And here’s where things may have started to take an uphill turn for Terra Tech. On December 19th, the company denied all fraud allegations, which sent the TRTC stock up nearly 20%.
Terra Tech made it evident that it was going to do everything to correct misleading reports, as well as provide investors and shareholders with the truth. And based on the nearly 20% jump, the market seemed to believe the company. Maybe, just maybe, that optimism had something to do with Wednesday’s trading session.
What do you think caused the jump? Do you think TRTC stock can make it back to trading up nearly 14% before the closing bell rings?
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Featured Image: flickr