Terra Tech Corp (OTC: TRTC) reported Thursday its third-quarter financial results. The company that's engaged in the cannabis space in Nevada and California through its subsidiaries has disclosed revenue of $7.1 million for the quarter ended Sept. 30, and a net loss of 19 cents per share.
More specifically, Terra Tech's revenue declined by 33 percent year-over-year from $10.1 million posted for the third quarter of 2017. The company said the lower revenue was due to the relocation of production facilities of its IVXX subsidiary to an upgraded facility that will be completed by the end of this quarter.
In addition, the sales at company's California dispensaries were affected by a higher state excise tax rate that was implemented at the beginning of 2018.
Terra Tech's net loss widened slightly from a 16-cent per share loss a year earlier.
Why It's Important
A deeper look into Terra Tech's report shows the company's commitment to expand its operations. It has invested $5 million into Hydrofarm Holdings Group, a provider of hydroponics products. Terra Tech's own Edible Garden subsidiary is engaged in growing sustainable hydroponics produce. It also has entered into a partnership to produce a line of cannabis-infused beverages.
Terra Tech Corp recently agreed to acquire Golden Leaf Holdings Ltd., which would expand its cannabis cultivation and retail business.
Terra Tech's OTC shares traded down about 5 percent to $1.59 Friday afternoon.
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