Terra Tech Corp. (OTCMKTS:TRTC) Still in Anticipation Mode
It seems nobody wants to buy the rumor and sell the news with Terra Tech Corp. (OTCMKTS:TRTC) at the moment. Despite the steady stream of positive PR coming from the company, TRTC closed flat on Friday, on dollar volume that cooled off significantly compared to the previous few sessions.
The entire pot sector was dragged down just as the company announced new positive developments with its marijuana-related licensing procedures. Florida failed to legalize even medical-use marijuana after missing the 60% majority needed to pass the state constitution amendment. Legalization in Oregon, Alaska and D.C. seemed unable to tip the scales in favor of marijuana businesses.
Additionally, midterm elections led to both the House and Senate having a Republican majority. The combination of a more conservative legislative course and the state legalization news resonated across the sector, with virtually every OTC marijuana stock slipping by no small amount.
After accelerating nicely on positive PR in late October, TRTC caught a nasty blow along with every other OTC pot stock. It seems traders are still waiting on the sidelines, unwilling to make a big move before the dust settles a little. How things play out for Terra Tech remains to be seen. The quarterly report due this week will probably help liven things up.
TRTC is down around 25% since the slide started but is still among the more fortunate runners in the pot race. Creative Edge Nutrition, Inc. (OTCMKTS:FITX) is down 55%, pushed down by factors specific to the company’s business. Medical Marijuana, Inc. (OTCMKTS:MJNA) is down about 25% as well.