Terra Tech Corp (OTCMKTS:TRTC) Delays Dispensary Opening Until 2016
As September rolled out the door, Terra Tech Corp (OTCMKTS:TRTC) provided a long-awaited shareholder update, concerning the progress made on the company’s in-development medical marijuana facilities in Nevada. Sadly, the news did not exactly match the expectations the company set previously.
Originally Terra Tech thought the first dispensary was going to open its doors in the summer of 2015. A few months later a news update pushed that date back to October 2015. The latest bit of news contains the expected launch dates for all facilities, including cultivation and production sites. The bad news here is that the first TRTC-owned dispensary is now scheduled to open its doors in Q1 of 2016.
The staggered launch schedule starts with this first Las Vegas dispensary in Q1, followed three more in Clark County and Reno in Q2. The cultivation and production facilities opening dates have now been shoved all the way back to early 2017.
Looking at TRTC‘s chart movement following this news, it seems the market is surprisingly calm about it, even though this is the second time the first dispensary opening is delayed and it has been pushed 6 to 9 months away from the original date.
The reaction to CFO Michael James selling half of the TRTC common stock he held was surprisingly calm as well. On October 1 a Form 4 filing cropped up, informing Mr. James sold 490,000 common shares between Sep 29 and Oct 1.
It seems the game is now into overtime and those waiting for a big chart rally for TRTC have another few months of waiting ahead of them. A smaller push is not unlikely if TRTC delivers spectacular Q3 performance, with revenues massively boosted by IVXX sales, which reportedly reached record highs in September.