Terra Tech releases third quarter financials
Terra Tech Corp., a California-based cannabis-focused agriculture company
With interests in Northern Nevada, announced total revenues generated for the third quarter ended Sept. 30, were $10.1 million, compared to $7 million in the same period in 2016.
The increase was driven by sales in the cannabis segment, which increased 81.8 percent, due to higher sales from the Company’s four Nevada-based Blüm Dispensaries. It was partially offset by lower sales from Edible Garden due to the discontinuation of sales of its low-margin floral products.
Gross profits for the third quarter were approximately $2.3 million, compared with $1.3 million in the prior year period. Gross margin for the third quarter of 2017 amounted to approximately 23 percent, compared with a gross margin of approximately 18 percent for the third quarter of 2016.
Operating losses were approximately $3.9 million for the third quarter of 2017, compared to an operating loss of approximately $4.7 million for the third quarter of 2016.
“The third quarter marked the expansion of Blüm’s cannabis sales into Nevada’s adult-use market for the first time,” said Derek Peterson, Chief Executive Officer of Terra Tech Corp., “This was a turning point for the Company, as it opened up our total addressable market significantly. We are pleased with our early-stage traction in the adult-use market, which drove 82 percent revenue growth in the cannabis segment compared with the same period in the prior year. To support the increased demand for cannabis products throughout Nevada we are expanding our cultivation and production facilities through an arrangement with NuLeaf, and expect to start ramping production at the new facilities in Sparks, NV and Reno, NV by the end of the year.”
“As I’ve said repeatedly, the virus — and our personal actions to help mitigate its spread — drives the timeline,” Sisolak said in a Monday statement.