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Terra Tech's (TRTC) CEO Derek Peterson on Q2 2018 Results - Earnings Call Transcript

IRVINE, Calif., Aug. 09, 2018 (GLOBE NEWSWIRE) -- Terra Tech Corp. (OTCQX: TRTC) (“Terra Tech” or the “Company”), a vertically integrated cannabis-focused agriculture company, today announced its second quarter financial results for the period ended June 30, 2018.

“During the second quarter of fiscal 2018 we focused on both growing topline revenues, which reached $8.7 million for the quarter, and investing in building out infrastructure to support our longer term growth strategy,” commented Derek Peterson, Chief Executive Officer of Terra Tech. “In Nevada, we maintain a significant, focused presence which covers both retail and cultivation. On the retail side, our dispensaries reported higher revenues as the adult use market continued to gain momentum. Subsequent to the quarter end, we also commenced cultivation activities at our Sparks, Nevada facility, of which we own 50% in conjunction with NuLeaf, to scale the supply of our wholesale IVXX® premium products.

“In California, we made strides expanding our presence in Santa Ana by securing retail permits for new dispensaries on East Dyer Road and Carnegie Avenue. With plans to apply for cultivation, distribution, and manufacturing permits, we believe these locations have the potential to be significant revenue generators for us. We are also in the process of relocating our Oakland extraction facility to the new facility in San Leandro. While this has impacted IVXX sales in the short term, we are confident this will allow us to increase our production and achieve greater distribution throughout California upon completion of the facility build out, which is expected to occur by the end of the year. By investing in infrastructure, we aim to establish a strong platform to ensure growth in shareholder value,” concluded Mr. Peterson.

Financial Update

Total revenues generated for the quarter ended June 30, 2018 were approximately $8.7 million, an increase of 11% from $7.8 million in the same period in 2017. This growth was due to revenue generated by the Company’s dispensaries in Nevada, and sales from its Blüm, Santa Ana dispensary in California, which was acquired in September 2017.

Gross margin for the quarter ended June 30, 2018 amounted to approximately 25.3%, compared to approximately 19.2% for the quarter ended June 30, 2017, primarily attributable to the cannabis segment, where the Company generated higher revenues to cover its fixed overhead costs.

Selling, general and administrative expenses for the quarter ended June 30, 2018 amounted to approximately $8.0 million, compared to approximately $6.0 million for the quarter ended June 30, 2017.

The net loss attributable to Terra Tech for the quarter ended June 30, 2018 was approximately $(11.4 million) or ($0.17) per share compared to a loss of approximately $(0.5 million) or ($0.01) per share for the quarter ended June 30, 2017.

The Company had $5.2 million in cash as of June 30, 2018, compared with $5.4 million as of December 31, 2017.

Stockholders’ equity for the quarter ended June 30, 2018 amounted to approximately $91.0 million, an increase of approximately $14.2 million compared to approximately $76.8 million as of December 31, 2017.

The Company had no short-term debt as of June 30, 2018. Long term debt was $12.8 million as of June 30, 2018, compared with $6.6 million as of December 31, 2017.

Business Update

California:

Oakland: The Company’s Blüm, Oakland dispensary continued to focus on the adult use market, however sales were negatively impacted by higher California state excise tax rates. To prepare for a ramp in demand as a result of the legalization of adult-use cannabis, Terra Tech continued constructing a 13,000 square foot cultivation facility in Hegenberger, Oakland which has the capacity to produce up to one metric ton, or 2,000 pounds, of cannabis per year. The facility is expected to be fully operational in the third quarter of 2018.

San Leandro: The Company continued construction of a Blüm dispensary and extraction facility, both of which are expected to open in the second half of 2018.

Santa Ana: In July, the Company received regulatory approval from the City of Santa Ana to acquire the cannabis retail permit associated with the dispensary for no additional consideration.  Additionally, the Company was granted two permits by the City of Santa Ana to operate retail dispensaries on East Dyer Road and Carnegie Avenue in Santa Ana, California.  Terra Tech plans to apply for cultivation, manufacturing and distribution permits at both locations.

Also in July, the Company secured a 25% ownership in The Healing Tree Collective, Inc., a California based permitted dispensary.

Nevada:

The Company’s four Blüm dispensaries in Nevada continued to ramp sales to the adult-use market.

Following approval from the State of Nevada, the Company commenced cannabis cultivation at its new Sparks facility in July, which was built out in the first quarter of 2018 in conjunction with NuLeaf Sparks.

The Company received final State of Nevada approvals to begin production at its 15,000 square foot cannabis extraction facility in Reno, NV, in July, which was also constructed in conjunction with NuLeaf.

In July, the Company agreed to sell 100% of the assets of its cannabis dispensary located at 1921 Western Avenue in Las Vegas, to Exhale Brands Nevada, for a total consideration of $6,250,000. This did not impact the Company’s results for the quarter ended June 30, 2018. The transaction is expected to close upon receipt of all state and local jurisdictional approvals.

Conference Call

The company will also host a conference call today, Thursday, August 9, 2018 at 4:30 PM Eastern Time.

Dial-In Number:                 1-857-232-0157

Access Code:                     422095

Derek Peterson, Chairman and CEO of Terra Tech Corp., will be answering shareholder questions at the end of the call. Should you have questions during or prior to the conference call please send an email to [email protected] with ‘TRTC Question’ in the subject line. Mr. Peterson will answer as many questions as time will allow.

For those unable to participate in the live conference call, a replay will be available at https://www.smallcapvoice.com/trtc/. An archived version of the webcast will also be available on the investor relations section of the company's website.

To be added to the Terra Tech email distribution list, please email [email protected] with TRTC in the subject line.

About Terra Tech

Terra Tech Corp. (OTCQX: TRTC) operates through multiple subsidiary businesses including: Blüm, IVXX Inc., Edible Garden, and MediFarm LLC.  Blüm’s retail and medical cannabis facilities provide the highest quality medical cannabis to patients who are looking for alternative treatments for their chronic medical conditions as well as premium cannabis to the adult-use market in Nevada and California. Blüm offers a broad selection of cannabis products including; flowers, concentrates and edibles through its Oakland, CA and multiple Nevada locations. IVXX, Inc. is a wholly-owned subsidiary of Terra Tech that produces cannabis-extracted products for regulated medical cannabis dispensaries throughout California and medical and adult-use dispensaries in Nevada. The Company’s wholly-owned subsidiary, Edible Garden, cultivates a premier brand of local and sustainably grown hydroponic produce, sold through major grocery stores such as ShopRite, Walmart, Ahold, Aldi, Meijer, Kroger, Stop & Shop and others nationwide. Terra Tech’s MediFarm LLC subsidiaries are focused on medical and adult-use cannabis cultivation and permitting businesses throughout Nevada.

For more information about Terra Tech Corp visit: http://www.terratechcorp.com/ 

For more information about IVXX visit: http://ivxx.com/ 

For more information about Blüm Nevada visit: http://letsblum.com

For more information about Blüm Oakland visit: http://blumoak.com/ 

Visit us on Facebook @ https://www.facebook.com/terratechcorp/timeline 

Follow us on Twitter @terratechcorp  

For more information about Edible Garden visit: http://www.ediblegarden.com/ 

Visit Edible Garden on Facebook @ https://www.facebook.com/ediblefarms?fref=ts 

Visit IVXX on Facebook @ https://www.facebook.com/ivxxbrand?fref=ts

Cautionary Language Concerning Forward-Looking Statements

Statements in this press release may be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "anticipate", "believe", "estimate", "expect", "intend" and similar expressions, as they relate to the company or its management, identify forward-looking statements. These statements are based on current expectations, estimates and projections about the company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and those risks discussed from time to time in Terra Tech Corp.'s filings with the Securities and Exchange Commission. In addition, such statements could be affected by risks and uncertainties related to Terra Tech Corp.'s (i) product demand, market and customer acceptance of its equipment and other goods, (ii) ability to obtain financing to expand its operations, (iii) ability to attract qualified sales representatives, (iv) competition, pricing and development difficulties, (v) ability to integrate GrowOp Technology Ltd. into its operations as a reporting issuer with the Securities and Exchange Commission, and (vi) general industry and market conditions and gr

Hut 8 Mining Corp. (“Hut 8” or the “Company”) (HUT.V) (HUTMF) CEO Andrew Kiguel called in to SmallcapVoice.com to discuss his company's unique approach and offerings in the cryptocurrency space, their competitive advantages, recent news, stellar team of executives and directors and much more. Hut 8 Mining Corp., headquartered in Toronto, Canada is a cryptocurrency mining and blockchain infrastructure company established through an exclusive arrangement with the Bitfury Group, the world’s leading full-service blockchain technology company. Through the Bitfury Group, Hut 8 has access to a world-leading proprietary mix of hardware, software and operational expertise to construct, optimize and manage datacentres in low-cost and attractive jurisdictions. Hut 8 is led by a team of industry experts and intends to provide investors with exposure to blockchain processing infrastructure and technology along with underlying cryptocurrency rewards and transaction fees.

Hut 8 provides investors with direct exposure to bitcoin, without the technical complexity or constraints of purchasing the underlying cryptocurrency. Investors avoid the need to create online wallets, wire money offshore and safely store their bitcoins. Hut 8 provides a secure and simple way to invest.

Key investment highlights and FAQ’s: https://www.hut8mining.com/investors.

Keep up-to-date on Hut 8 events and developments and join our online communities at Facebook, Twitter, Instagram and LinkedIn.

This interview may include forward looking statements. These forward-looking statements generally are identified by the words "believe," "project," "estimate," "become," "plan," "will," and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this release. Although the Company believes that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof.

Chineseinvestors.com, Inc. (OTC.QB: CIIX) CEO, Warren Wang, called in to SmallCapVoice.com, Inc. to go over the recent news and highlights for the Company here in Summer of 2018. Recently, the Company announced that it has retained the law firm of CKR Law, LLP to assist it with setting up its own Bitcoin ATM network in California, with the first Machines to be placed in Chinese Communities in the Los Angeles area. Earlier this summer, the Company entered into a licensing partnership with The Bad Crypto Podcast to re-distribute the podcast's most popular interviews on http://www.newcoins168.com, in Chinese.

Founded in 1999, ChineseInvestors.com endeavors to be an innovative company providing: (a) real-time market commentary, analysis, and educational related services in Chinese language character sets (traditional and simplified); (b) advertising and public relation related support services; and (c) retail, online and direct sales of hemp-based products and other health related products.

For more information visit ChineseInvestors.com

Subscribe and watch our video commentaries: https://www.youtube.com/user/Chinesefncom

Follow us on Twitter for real-time Company updates: https://twitter.com/ChineseFNEnglsh

Like us on Facebook to receive live feeds: https://www.facebook.com/Chinesefncom;

https://www.facebook.com/Chineseinvestors.com.english

This interview may include forward looking statements. These forward-looking statements generally are identified by the words "believe," "project," "estimate," "become," "plan," "will," and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this release. Although the Company believes that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. SmallCapVoice.com, Inc. received $8,000 from a third party on behalf of the issuer on 1-23-17 120 days of service. SmallCapVoice.com, Inc. received $2,500 from a third party on behalf of the issuer on 6-23-17 30 days of service. SmallCapVoice.com, Inc. received $2,500 from a third party on behalf of the issuer on 7-23-17 30 days of service. SmallCapVoice.com, Inc. received $2,500 from a third party on behalf of the issuer on 8-23-17 30 days of service. SmallCapVoice.com, Inc. received $2,500 from a third party on behalf of the issuer on 9-23-17 30 days of service. SmallCapVoice.com, Inc. received $2,500 from a third party on behalf of the issuer on 10-23-17 30 days of service. SmallCapVoice.com, Inc. received $2,500 from a third party on behalf of the issuer on 11-23-17 30 days of service. SmallCapVoice.com, Inc. signed a six month contract for $2,000 per month with a third party on behalf of the issuer on 1-22-18.

S. Parikh Mars, CEO of Progressive Care Inc., called in to SmallCapVoice.com, Inc. to answer shareholder questions, discuss the impact of recent news about Amazon acquiring PillPack, provide an update on several fronts and more. Recently, RXMD announced it has completed the acquisition of a Touchpoint pharmacy in Palm Beach County. This second location will facilitate the company’s growth by expanding the delivery radius of Progressive Care’s pharmacy operations to now include Miami-Dade, Broward, Palm Beach and Martin County. It will also decrease costs of expansion of products and services and increase prescription dispensing efficiency.

This interview may include forward looking statements. These forward-looking statements generally are identified by the words "believe," "project," "estimate," "become," "plan," "will," and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this release. Although the Company believes that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. SmallCapVoice.com, Inc. received $2,500 from the company on 12-14-17 for 30 days of service. SmallCapVoice.com, Inc. received $2,500 from the company on 2-1-18 for 30 days of service. SmallCapVoice.com, Inc. received $2,500 from the company on 3-1-18 for 30 days of service. SmallCapVoice.com, Inc. received $2,500 from the company on 4-1-18 for 30 days of service. SmallCapVoice.com, Inc. received $2,500 from the company on 5-1-18 for 30 days of service. SmallCapVoice.com, Inc. received $2,500 from the company on 6-1-18 for 30 days of service.

S. Parikh Mars, CEO of Progressive Care Inc. called in to SmallCapVoice.com, Inc. to answer shareholder questions, discuss the impact of recent news about CVS entering the prescription delivery market, provide an update on several fronts and more. Recently, RXMD announced further growth year-over-year in both revenue and number of prescriptions filled for May 2018. The May sales figures come on the heels of some significant company announcements including the launch of a nationwide opioid marketing campaign, the purchase and installation of a new TCGRx pouch packaging system and the initial steps in developing a proprietary tele-pharmacy software.

For more information about Progressive Care, please visit the company’s website.

Connect and stay in touch with us on social media:

Progressive Care Inc.

https://www.facebook.com/ProgressiveCareUS/

https://twitter.com/ProgressCareUS

PharmCo, LLC

https://www.facebook.com/pharmcorx/

https://twitter.com/PharmCoRx

About Progressive Care, Inc.

Progressive Care Inc. (OTC QB: RXMD), through PharmCo, LLC, is a South Florida health services organization and provider of prescription pharmaceuticals, compounded medications, tele-pharmacy services, anti-retroviral medications, medication therapy management (MTM), prescription medications to long term care facilities, and health practice risk management.

This interview may include forward looking statements. These forward-looking statements generally are identified by the words "believe," "project," "estimate," "become," "plan," "will," and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this release. Although the Company believes that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof.

John Sprovieri, President and CEO and Lee Odom Director of Investor Relations and Business Development for Auscrete Corporation (OTC Pink: ASCKD) called in to SmallCapVoice.com to discuss the efforts for the Company so far in 2018, how funds from their recent capital raise will propel the operations for the company, the goals for 2018 and much more. Recently in update to their the shareholders, ASCK addressed reverse split and the management moves made to ensure the future value of the Company and its capital structure. Currently the stock symbol has D at the end of it in reference to the split. By the company’s calculation that D will be removed by July 5th, 2018.

Visit the company blog at http://auscreteblog.com/

This interview may include forward looking statements. These forward-looking statements generally are identified by the words "believe," "project," "estimate," "become," "plan," "will," and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this release. Although the Company believes that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof.

Dr. Bill Williams, BriaCell’s President & CEO, called in to SmallCapVoice.com, Inc. to discuss the importance of the Company’s recent clinical findings as published in the American Society of Clinical Oncology (ASCO) Annual Meeting Proceedings. ASCO’s Annual Meeting represents the world’s largest gathering of oncology physicians, biotechnology executives, researchers, and investment analysts to discuss breakthrough clinical research and therapeutics in the field. Additionally, Dr. Williams discusses the significance of the novel mechanism of action of BriaCell’s lead product candidate, Bria-IMT™ which has been recently published in the journal of Frontiers in Immunology, the 5th most cited journal in Immunology.

This interview may include forward looking statements. These forward-looking statements generally are identified by the words "believe," "project," "estimate," "become," "plan," "will," and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this release. Although the Company believes that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof.

Nightfood (NGTF), operates both Nightfood, Inc. and MJ Munchies, Inc.

Nightfood, Inc, “The Nighttime Snack Company”, is a snack food company dedicated to providing consumers delicious, better-for-you, sleep-friendly choices for evening snacking. According to IRI Worldwide, 44% of snack consumption occurs at night, representing a consumer spend of over $1B weekly on nighttime snacks.

Market research giant Mintel recently released a report identifying nighttime specific food and beverages as one of their most “compelling and category changing” trends for 2017 and beyond.

Currently, consumer’s most popular choices are cookies, chips, ice cream, and candy. These options are generally understood to be unhealthy, and often contain ingredients and nutritional profiles that can impair sleep quality. Nightfood creates, manufactures, and distributes snacks formulated to help consumers satisfy nighttime cravings in a better, healthier, more sleep friendly way.

MJ Munchies, Inc. was recently formed as a new, wholly owned subsidiary, to exploit legally compliant opportunities in the CBD and marijuana edibles and related spaces. The Company intends to market some of these new products under the brand name “Half-Baked”. As the legal landscape around CBD and cannabis related products continues to change and evolve, MJ Munchies will continue to explore, identify, and capitalize on opportunities clearly defined as legal. The Company believes tremendous opportunities currently exist to launch successful and compliant products in this space, and that such opportunities will continue to grow over time.

For more information, visit http://ir.nightfood.com and www.nightfood.com

Questions can be directed to [email protected]

This interview may include forward looking statements. These forward-looking statements generally are identified by the words "believe," "project," "estimate," "become," "plan," "will," and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this release. Although the Company believes that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. SmallCapVoice.com, Inc. received $875 from the company on 5-31-18 for 30 days of service.

IRVINE, Calif., May 03, 2018 (GLOBE NEWSWIRE) -- Terra Tech Corp. (OTCQX:TRTC) (“Terra Tech” or the “Company”), a vertically integrated, cannabis-focused agriculture company, today announced that it will release its First Quarter 2018 results on Thursday, May 10, 2018 after U.S. markets close.

The company will also host a conference call on Thursday, May 10, 2018 at 4:30 PM Eastern.

Dial-In Number: 1-857-232-0157

Access Code: 422095

Derek Peterson, Chairman and CEO of Terra Tech Corp., will be answering shareholder questions at the end of the call. Should you have questions during or prior to the conference call please send an email to [email protected] with TRTC Question in the subject line. Mr. Peterson will answer as many questions as time will allow.

For those unable to participate in the live conference call, a replay will be available at https://www.smallcapvoice.com/trtc/. An archived version of the webcast will also be available on the investor relations section of the company's website.

To be added to the Terra Tech email distribution list, please email [email protected] with TRTC in the subject line.

About Terra Tech

Terra Tech Corp. (OTCQX:TRTC) operates through multiple subsidiary businesses including: Blüm, IVXX Inc., Edible Garden, and MediFarm LLC. Blüm’s retail and medical cannabis facilities provide the highest quality medical cannabis to patients who are looking for alternative treatments for their chronic medical conditions as well as premium cannabis to the adult-use market in Nevada and California. Blüm offers a broad selection of cannabis products including; flowers, concentrates and edibles through its Oakland, CA and multiple Nevada locations. IVXX, Inc. is a wholly-owned subsidiary of Terra Tech that produces cannabis-extracted products for regulated medical cannabis dispensaries throughout California and medical and adult-use dispensaries in Nevada. The Company’s wholly-owned subsidiary, Edible Garden, cultivates a premier brand of local and sustainably grown hydroponic produce, sold through major grocery stores such as ShopRite, Walmart, Ahold, Aldi, Meijer, Kroger, Stop & Shop and others nationwide. Terra Tech’s MediFarm LLC subsidiaries are focused on medical and adult-use cannabis cultivation and permitting businesses throughout Nevada.

For more information about Terra Tech Corp visit: http://www.terratechcorp.com/

For more information about IVXX visit: http://ivxx.com/

For more information about Blüm Nevada visit: http://letsblum.com

For more information about Blüm Oakland visit: http://blumoak.com/

Visit us on Facebook @ https://www.facebook.com/terratechcorp/timeline

Follow us on Twitter @terratechcorp

For more information about Edible Garden visit: http://www.ediblegarden.com/

Visit Edible Garden on Facebook @ https://www.facebook.com/ediblefarms?fref=ts

Visit IVXX on Facebook @ https://www.facebook.com/ivxxbrand?fref=ts

Contact

Philip Carlson

KCSA Strategic Communications

[email protected]

212-896-1238

Warren Wang, CEO of ChineseInvestors.com Inc. (OTCQB: CIIX), called in to SmallCapVoice.com, Inc. to go over the recent news and highlights for the Company here in spring of 2018. Recently, the Company announced the new opening of a cryptocurrency and trading courses offered through its newly established Bitcoin Trading Academy LLC beginning in June 2018. Mr. Wang also touched on the CBD markets here in the United States and in China, plans to o spin out their hemp division, CBD Technology, and much more.

This interview may include forward looking statements. These forward-looking statements generally are identified by the words "believe," "project," "estimate," "become," "plan," "will," and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this release. Although the Company believes that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. SmallCapVoice.com, Inc. received $8,000 from a third party on behalf of the issuer on 1-23-17 120 days of service. SmallCapVoice.com, Inc. received $2,500 from a third party on behalf of the issuer on 6-23-17 30 days of service. SmallCapVoice.com, Inc. received $2,500 from a third party on behalf of the issuer on 7-23-17 30 days of service. SmallCapVoice.com, Inc. received $2,500 from a third party on behalf of the issuer on 8-23-17 30 days of service. SmallCapVoice.com, Inc. received $2,500 from a third party on behalf of the issuer on 9-23-17 30 days of service. SmallCapVoice.com, Inc. received $2,500 from a third party on behalf of the issuer on 10-23-17 30 days of service. SmallCapVoice.com, Inc. received $2,500 from a third party on behalf of the issuer on 11-23-17 30 days of service. SmallCapVoice.com, Inc. signed a six month contract for $2,000 per month with a third party on behalf of the issuer on 1-22-18.