IRVINE, Calif., Nov. 08, 2018 (GLOBE NEWSWIRE) -- Terra Tech Corp. (OTCQX: TRTC) (“Terra Tech” or the “Company”), a vertically integrated cannabis-focused agriculture company, today announced its Third Quarter financial results for the period ended September 30, 2018. “During the third quarter of 2018 we implemented several strategic initiatives intended to drive long term growth and build value for shareholders,” commented Derek Peterson, Chief Executive Officer of Terra Tech. “We invested in our organic growth by working toward upgrading our IVXX® production facilities to optimize efficiency and output at our wholesale business. While this transition impacted revenues in the short term, these steps will allow us to increase production and achieve greater distribution throughout California, building a more defensible and scalable long term business model. To also position the IVXX brand for larger-scale sales and distribution within Nevada, we commenced cultivation activities at our Sparks, Nevada facility, which we own 50% in conjunction with NuLeaf. This was shortly followed by the commencement of IVXX production activities at our new Reno, Nevada facility, also co-owned by NuLeaf, which occurred late in the third quarter. “Furthermore, we took several steps to streamline the operations of our Blüm™ retail dispensaries and maximize their potential sales growth. In particular, we sold our Western Avenue, NV, location and purchased a retail property in the heart of the booming Downtown Las Vegas trade area, which we plan to convert the building into a Blüm™ retail dispensary. In California, we continue to work toward completing the build out of vertically integrated cannabis facilities in San Leandro and Santa Ana, and were pleased to secure three vertically-integrated Phase I permits for the properties in Santa Ana,” continued Mr. Peterson. “Not only is the U.S. market experiencing rapid growth, the emerging international opportunity is also becoming more and more evident. We are committed to advancing the business so that it is ready and able to be a market leader in this booming legal cannabis industry. To more rapidly grow our business to achieve the size and reach needed to take advantage of the major opportunity before us, we have been aggressively exploring potential M&A opportunities that can bring scale, new brands and product diversification to the business. “To this end, we signed a non-binding letter of intent to merge with Golden Leaf Holdings subsequent to the quarter end. Golden Leaf operates seven retail stores, six of which operate under the “Chalice Farms” brand, in Golden Leaf’s home market, Oregon, as well as indoor/outdoor cultivation and production facilities. It also has a wide selection of wholesale products including cannabis infused “Golden” fruit chews, “Golden Tinctures” offered in orange, cherry, mint and strawberry flavors, “Golden Private Stash” distillate vape cartridges, and its Golden CBD product lines. Moreover, combining forces with Golden Leaf would give us an entry point into Canada’s market, strengthen our position in Nevada and enable us to benefit from multiple operational synergies, including product line synergies such as economies of scale and improved purchasing power,” concluded Mr. Peterson Financial Update

Total revenues generated for the quarter ended September 30, 2018 were approximately $7.1 million, compared with $10.1 million in the same period in 2017. This decrease was due to lower IVXX revenues due to the production facilities of IVXX currently being relocated to an upgraded facility that will facilitate an increase in production to support greater distribution throughout California.  Project completion is estimated to be in the fourth quarter of 2018. Sales at Blüm Oakland and Blum Santa Ana at the dispensaries were impacted by higher California state excise tax rates effective January 1, 2018, which affected demand.