Terra Tech Corp. (OTCMKTS:TRTC) Slows Down Before Clark County Hearings
After two consecutive big green sessions that sent the share price of Terra Tech Corp. (OTCMKTS:TRTC) back to over $0.60, Tuesday’s closing bell saw TRTC‘s stock nearly flat, a fraction of a percent up.
TRTC investors are keeping their eyes peeled for the Clark County hearings starting today, June 4, and running for three consecutive days. The hearings will be televised and the public will be able to watch 81 applicants for dispensary licenses make their case. TRTC is among those 81, competing for the 18 approval slots, which will then be forwarded to the state of Nevada for final clearance.
The company appeared in a press release published by Vaporin, Inc. (OTCBB:VAPO). VAPO, a maker of electronic cigarettes and vaporizers, announced its “entry into the medical cannabis industry” through a deal with TRTC. According to the exclusive distribution agreement TRTC will buy VAPO products and re-sell them through what the PR calls a ‘growing distribution network’ of dispensaries.
We could be myopic but last time we checked, TRTC as a publicly traded entity did not have a “network” of dispensaries. If it did, it kept it very well hidden in its press announcements and filings. On the other hand Terra Tech’s CEO, Mr. Peterson does own a dispensary in California – one of the states covered by TRTC‘s so-called ‘network’, according to VAPO‘s press release. The thing is, this dispensary is privately held by Mr. Peterson and is not owned by Terra Tech as a corporate entity.
If TRTC does get approval for the two dispensaries it applied for in Clark County, the action around the stock is bound to heat up again and the excitement will likely assist the price movement. Conversely, failing to get approved has the potential to punish those who bought TRTC up from $0.35 per share. For the moment, all that longs can do is watch the hearings with baited breath and hope for the best.
Other pot stocks that saw heavy action in yesterday’s session include Cannabis Science, Inc. (OTCMKTS:CBIS) who dropped 10% after an excited jump on Monday. Tranzbyte Corp. (OTCMKTS:ERBB) closed 5% down at $0.028 per share.