Terra Tech Corp (OTCQX: TRTCD) has announced that the company has generated over $30M in sales for 2017. The news has been released, along with the year end financials for Terra Tech Corp which showed a total revenue growth of over 41%.
Terra Tech crop is a vertically integrated agricultural company that offers sustainable solitons to cannabis cultivators. The company owns multiple subsidiaries underneath their umbrella that include Edible Garden®, Blum™, MediFarm, and IVXX™. Terra Tech’s subsidiaries offer a wide range of integrated services that include a recognized cannabis brand, a chain of dispensaries, a state-of-the-art cultivation facility for medicinal cannabis, and a hydroponic company that is focused on utilizes Dutch farming techniques.
Terra Tech Corp also focuses on the production of fresh, locally grown herbs and leafy greens to supermarkets and restaurants.
Derek Peterson, Terra Tech’s CEO, stated, “Looking ahead to the remainder of 2018, we are well capitalized having recently secured a $40 million investment commitment, which will enable us to complete some of the ongoing infrastructure construction projects that are underway and will fuel our sales and marketing efforts, driving organic growth. Our relatively large footprint and established operations means we are also well positioned to leverage M&A opportunities to further grow our market share.”
Financial Summary Highlights
- Total revenues for the full year 2017 were $35.80 million, an increase of 41% from $25.33 million in the year ended December 31, 2016.
- Total revenues generated for the quarter ended December 31, 2017 were approximately $11.01 million, an increase of 54% from $7.13 million in the same period in 2016;
- Stockholders’ equity for the year ended December 31, 2017 amounted to approximately $76.80 million, an increase of approximately $24.65 million compared to approximately $52.15 million as of December 31, 2016.