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Terra Tech Corp (OTCMKTS:TRTC) Extends Its Steep Decline

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In the last trading session, the stock price of Terra Tech Corp (OTCMKTS:TRTC) declined more than 3% to close the day at $0.2386. The decline came at a share volume of 8.57 million compared to average share volume of 5.066 million. In the last five trading sessions, the stock has recorded decline of over 14%.

The buzz

As per a report by New Frontier Data, the approved cannabis market valued at $6.6 billion last year and is forecast to surge to $24.1 billion by 2025 with a CAGR of 16%. Chronic pain marks as the leading reason of opioid drug abuse. Besides chronic pain, post-traumatic stress disorder, nerve pain, sleep disorders, glaucoma, CINV, Tourette syndrome, seizures/epilepsy and anxiety, are conditions stated by the National Academies of Sciences in the list of being best treated by medicinal cannabis.

Medicinal cannabis has demonstrated remarkable success in lowering prescription medicine use in states that it is approved. The medical cannabis market was valued at $4.7 billion last year and is projected to surge to $13.3 billion by 2025. Adult-use sales during this period is projected to surge at a CAGR of 21%, to $10.9 billion from $1.9 billion. Stocks in focus are Terra Tech, United Cannabis Corp (OTCMKTS:CNAB), OWC Pharmaceutical Research Corp (OTCMKTS:OWCP), to name a few.

State budget shortfalls may be resolved as cannabis revenue could generate a considerable amount and offer state leaders with enhanced capacity in their budgets. Giadha Aguirre De Carcer, the CEO of New Frontier Data, expressed that during this time states are seeking for any means to close their budget deficits and it seems that cannabis may have an answer for them. The firm looked at the prospective revenues that could be recorded from state cannabis taxes and noted that in 2017 alone, states could raise around $750 million and almost triple that figure by 2020.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of MMJReporter.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure

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