Back in January, cannabis company Terra Tech Corporation (OTCQX:TRTC) purchased a 45,000 square foot facility at 620 East Dyer Road. It did so in an attempt to increase its retail presence in Southern California. And today, Terra Tech announced that it’s broken ground at the Santa Ana location. On the news, TRTC stock is trading in the green.
Here’s what we know.
TRTC Stock Trades Up on Santa Ana Facility News
Terra Tech today announced that it’s broken ground at the East Dyer Road facility; this is the first step of many in developing a one-of-a-kind cannabis complex in Santa Ana. There are a lot of hopes and plans for this facility, so it’s likely today’s news has perked the mood of investors. At the time of writing, TRTC stock is up nearly 2%.
Not only will the facility be used to host events like concerts and movie nights, but with its location being near the 55 Freeway, Terra Tech is thought to see an influx of new customers: “The Dyer Road facility is in a densely populated area, with approximately 4,100,000 residents living within 20 miles of the location. It also benefits from a high level of tourism due to its proximity to Disneyland, another major Southern California attraction.”
Speaking on the news, CEO Derek Peterson said the following: “I would like to extend our thanks to the City of Santa Ana for its ongoing support as we advance our plans to build out a Blüm-branded retail dispensary at our East Dyer location.” He added: “This is a very exciting project for us and we expect construction to be completed in the fourth quarter of 2019.”
The facility certainly is an exciting project, and that’s being reflected in the trading day TRTC stock is having Friday.
According to Yahoo Finance, as of 10:47 AM EDT, TRTC stock is trading at $0.4387, putting it up 1.07%.
Do you have any thoughts about the company breaking ground Friday? Let us know in the comments below.
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