Terra Tech Corp (OTCMKTS:TRTC) posted revenues of $4.31 million in Q1 2020. It is on the backdrop of the efficient operation of the cannabis segment this year. CEO of Terra Tech, Matthew Morgan, said the Q1 results show continued improvement in both adult-use and medical use cannabis sales.
Focuses on THC business
In California, Terra Tech focused on THC business during the ongoing coronavirus crisis to improve revenues. The company also deferred its expansion plans in the CBD market. To strengthen its cash position, Terra Tech is selling several assets and will use the proceeds to fetch higher returns.
Expects to generate $12 million from asset sales
Terra Tech is planning to mobilize funds of $12 million from the sale of several assets of Blum dispensaries in Santa Ana, CA, Nevada, and the sale of non-core properties and licenses in the next one year. It will help the company to sustain the business.
Plans to complete Hegenberger cultivation facility
In California, Terra Tech plans to complete the Hegenberger cultivation facility and will use its existing capital to boost revenues from the sale of Blum dispensaries in Oakland and San Leandro; and the wholesale of THC products.
OneQor and Terra Tech merges to form Onyx Group
OneQor Pharmaceutical and Terra Tech merged to create a new company called Onyx Group during 3rd week of February 2020. The new company will trade under a new ticker on the OTC markets, while Morgan will be the CEO of the new entity. Derek Petersen will hold the position – Chairman of the new company.
Morgan commenting on the merger said they will now have a new identity called Onyx Holdings Inc. The new company will operate two business segments called CBD and THC. Onyx plans to quickly execute and capitalize on the opportunities coming up in the cannabis space. Morgan said it is the best strategy to achieve long term growth for the organization and offer rich dividends to the shareholders.
A privately held company – OneQor is engaged in patenting, developing, and providing plant-based and proprietary formulations. It helps to deliver effective and safer OTC solutions for consumers. Following the merger, OneQor will become a subsidiary of Terra Tech.