Terra Tech Corp (OTCMKTS:TRTC) reported a decline of 13.34% YoY in revenues to $14.29 million in 2020. It is on the backdrop of a decline in dispensary revenues by $5.98 million because of the ongoing coronavirus impact and closure of Bay area dispensaries. However, it offset the drop with a revenue increase of $3.78 million from production and cultivation revenues.
A drop in gross profits
Terra Tech’s profits are declined by 187.5% YoY to $3.6 million in 2020. Its G&A expenses dropped to $24.60 million in 2020 from $36.68 million in 2019. The company’s loss is declined to $30.12 million (down 55.81% YoY).
CEO of Terra Tech, Frank Knuettel, said 2020 is a challenging year for the company. Terra Tech is an underperformer in 2019. As a result, the company made certain changes to its business.
Expects to generate revenues of $70 million in 2021
Terra Tech brought in new capital in January 2021 and restructured its balance sheet. Its main target in the short-term is to become a premier operator of the cannabis assets in the Southwest and West Coast. The company expects to generate $70 million in revenues in 2021.
Inducts a director to the board
Terra Tech inducted a new member – Tiffany Davis, to its director board. She will contribute over 20 years of experience in the finance sector. In the cannabis space, Davis also played a vital role as an executive.
She currently works as CFO and CEO at Generation Alpha. Davis also worked as a senior executive at a cannabis consulting group in the US, supporting development programs for cultivars, assists in licensing applications, legal grows, and M&A opportunities.
Signs a deal to takeover Unrivaled
The name of UMBRLA Inc is changed to Unrivaled recently. Terra Tech signed a deal to takeover UMBRLA Inc on March 3, 2021, in an all-stock transaction.
The business operations of well-managed Unrivaled comprise several cannabis brands, complemented by production, distribution, and dispensary operations.
The brands of Unrivaled include Korova, which is one of the top ten cannabis brands in California. Unrivaled also operates production and distribution operations in Oregon and California. The company also manages dispensaries in California.