Fraud allegations are not stopping Terra Tech Corporation (OTCQX:TRTC) from furthering its business. On January 11th, the Irvine, California-based company will open its Blüm San Leandro medical cannabis dispensary. A week before the ribbon cutting ceremony, the TRTC stock is trading in the green. Perhaps that has to do with today's announcement.
TRTC Stock: A Grand Opening, A Grand Trading Day
On January 4th, Terra Tech said that the Mayor of San Leandro, California will speak at the Blüm medical dispensary opening. The ceremony will take place in the morning of the 11th, kicking off at 9:30 AM and lasting an hour and a half. On the news, TRTC stock moved into the green.
According to Yahoo Finance, as of 12:28 PM, TRTC stock is trading up 5.39%. Its trading price is $0.645, making it a cannabis penny stock.
Some might argue that today's trading session has nothing to do with the announcement regarding Mayor Pauline Cutter, however. In fact, some are even upset with the announcement, claiming that shareholders are disappointed and, despite trading in the green today, the TRTC stock price keeps dropping.
But here's why things might be looking up for the company.
Firstly, Terra Tech's Blüm medical dispensary will be the first medical cannabis dispensary to open in San Leandro. Known for its public parks, quality local schools, and with a community of nearly 90,000 individuals, San Leandro is a "great location" for the dispensary, to quote CEO Derek Peterson.
And secondly, to have the approval of San Leandro's Mayor—enough for her to speak at the grand opening—indicates to both Terra Tech and the general public that this is the right location for the company. Plus, Terra Tech is also developing an extraction facility in the city, which will open early this year. Likely another reason Mayor Cutter will make an appearance on January 11th.
Sounds like good things are happening for Terra Tech and its stock.
"Having a dispensary up and running in San Leandro is the perfect way to start off 2019 by increasing Terra Tech’s distribution channels in such a sought-after location," explains Peterson.
What do you think? If you're in the area, will you attend the grand opening of the Blüm medical dispensary?
Featured image: Terra Tech