NEWPORT BEACH, Calif., Jan. 22, 2016 /PRNewswire/ -- Terra Tech Corp. (OTCQX: TRTC) ("Terra Tech" or the "Company"), a vertically integrated cannabis-focused agriculture company, today announced revenue guidance of $20 - $22 million for the full year 2016. The predicted increase in year-over-year revenue is expected to be driven largely by sales from the Company's latest acquisition, Blum Oakland, an established, retail medical cannabis dispensary in Oakland, CA, as well as continued growth of the IVXX brand throughout the California and Nevada markets.
Derek Peterson, CEO of Terra Tech, commented, "Throughout 2015 we made significant headway building our reputation in the industry and implementing our growth initiatives. In particular, we are pleased with the progress we have made transitioning into a leading supplier of medical marijuana through building our retail networks, pursuing various medical cannabis operational certificates and rolling out the IVXX brand."
Mr. Peterson continued, "We are greatly encouraged by the ongoing changes in public policy, including California's recently enacted Marijuana Regulation and Safety Act, which will help increase our total addressable market. As we enter 2016, we aim to pursue an aggressive M&A strategy to scale the business and enhance our offering. Our focus is on expanding and fully integrating our capabilities in cultivation, extraction, branding and retail so that we are recognized as experts at every stage of the cannabis lifecycle. The progress we have made to date will enable us to move forward with ramping up our operations, monetizing our products and ultimately bringing value to shareholders."
About Terra Tech
Terra Tech Corp. (TRTC) through its wholly-owned subsidiary GrowOp Technology, specializes in controlled environment agricultural technologies. The company integrates best-of-breed hydroponic equipment with proprietary software and hardware to provide sustainable solutions for indoor agriculture enterprises and home practitioners. Our complete product line is available at specialty retailers throughout the United States, and via our website. Through its 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, Krogers and others throughout New Jersey, New York, Delaware, Maryland, Connecticut, Pennsylvania and the Midwest. MediFarm LLC is focused on medical cannabis businesses throughout Nevada. IVXX LLC is a wholly owned subsidiary that produces medical cannabis extracted products for regulated medical cannabis dispensaries throughout California.
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For more information about Terra Tech Corp. visit: http://www.terratechcorp.com/
For more information about IVXX visit: http://ivxx.com/
Visit us on Facebook @ https://www.facebook.com/terratechcorp/timeline
Follow us on Twitter @terratechcorp
Follow us on Instagram @socal_IVXX
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 growth rates and general economic conditions. Any forward-looking statements speak only as of the date on which they are made, and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release. Information on Terra Tech Corp.'s website does not constitute a part of this release.
Philip Carlson / Elizabeth Barker
KCSA Strategic Communications
SOURCE Terra Tech Corp.