Operating in New Jersey and California, Terra Tech (TRTC) has publicly traded since 2012. Just like its name, (Terra which means land in Italian), the company uses its expertise in farming and agriculture while developing the latest in affordable advanced equipment and green technology. The company works closely with a team of horticulturalists, engineers, and scientists, and as a result, has developed and sold a line of affordable, technologically advanced products such as commercial Hydroponic and Aeroponic systems, and digital atmosphere controllers.
Terra Tech offers solutions for food production, agricultural research and indoor cultivation. Over the years, the demand for such solutions has increased as the agricultural sector faces more and more challenges. With drastic weather conditions such as flooding and droughts, pollution, and urbanization, the farming industry must find ways to grow produce in a controlled environment.
While Terra Tech continues to focus its energies on research, development and production of horticulture equipment, its subsidiary companies have recently made headlines, while proving to be positive assets to their mother company. Edible Garden, an agriculture subsidiary of Terra Tech, is a major farming company that owns and operates six farms along the Northeastern region while distributing their produce to over 500 retailers in states such as Connecticut, New York and Pennsylvania.
In December 2014, Edible Garden announced that the company will be shipping their living herbs to Weis Markets throughout the Northwest area. Despite utilizing the latest in modern technology, the company still occupies farming techniques passed down by generations and avoids harmful pesticides and herbicides. Founded by Dave Vandevrede, Edible Garden has years of experience in the farming industry under its belt, and is most noted for its use of Dutch hydroponic technology. With its flagship location (the Edible Garden Farm), the company has both the resources and the expertise to conduct research and develop new products. Such technology will give way to a whole new generation of tasty, organic, and long lasting vegetation. One such instance is that company plans to introduce a salad called the “living salad’ which will give consumers lettuce that will not go limp and brown after a few days.
Another fully owned subsidiary that has created positive buzz, and has recently been in the spotlight is GrowOp Technology. Launched by Terra Tech’s CEO, Derek Peterson in May 2010, GrowOp Technology merged with Terra Tech in 2012. After working at Morgan Stanley for ten years as an investment banker, Peterson went onto “greener pastures” and began developing and selling products for the marijuana industry. Peterson knew first hand the benefits of medical cannabis. After breaking his neck in a grave surfing accident, he used medical marijuana to minimize the pain. Impressed by its efficacy and lack of major side effects that he previously found in other painkillers, he was sold. Understanding the enormous potential of selling marijuana, Peterson left Morgan Stanley, and created the company.
After developing and selling equipment used for medical cannabis, it only made sense that the next move would be in its production. On September 9, 2014, the company’s board of directors allowed the company to engage in the production and retails sale of medical cannabis. Adhering to state and local laws, the company will announce branding initiates and products within the months ahead.
With so much potential in the selling of medical marijuana, businesses all over are creating companies and hoping to profit off of its sales. But growing marijuana on such a large scale has its inherent challenges. The production of marijuana requires enormous amounts of energy, time and control in order to ensure safe medical marijuana. Political contention over its legalization, while finding areas that welcome marijuana factories have been problematic for other companies. But whereas other companies are often “green” in experience, Terra Tech has utilized its expertise, and has made sure to combine the efforts and know how of its subsidiaries in order to work in synergy. So far, the formula has worked. Recent financial results ending on September 30, 2014 have been positive. The company generated revenues of $1,314, 973, an increase of $541, 834 from its previous year.
On December 3, 2014, TRTC closed with 0.039 but it is easy to see that company will continue to do well in the upcoming months. As more states legalize the selling of medical marijuana, and as Terra Tech continues to forge ahead in the agricultural sector, the future looks bright for the company- making CEO Derek Peterson’s choice for leaving the comforts of his Morgan Stanley job not just a gutsy move, but a financially astute one.
For more, please go to terratechcorp.com