Nevada sales report & Terra Tech Corp.
Terra Tech, $TRTC has been a company I have been paying close attention to as states start legalizing marijuana for recreational use. TRTC owns 4 dispensaries in Nevada. The tax department of Nevada estimated $195 million in cannabis sales in the first 6 months of legalization. I speculate TRTC will hold a chunk of those sales. TRTC also owns dispensaries in California where legal recreational sales started in January but getting a permit to sell on the 1st of Jan was limited. TRTC received their permit and was able to sell on the 1st. I think this news creates a good setup for TRTC who has earnings at the end of March.
https://tax.nv.gov/Publications/Monthly_Press_Release/
Nevada Revenue Statistic Highlights
- Total statewide taxable sales for December 2017 were $5.57 billion
- Statewide taxable sales were up 4.3 percent for fiscal year 2018 over the same period for fiscal year 2017
- Taxable sales of adult-use marijuana accounted for about $200 million of the total statewide taxable sales for the period of July through December 2017 and about 15 percent of the growth in taxable sales for that period compared to the year prior
- Eight of the top 10 consumer spending indicators based on amount of taxable sales were up through the current period of fiscal year 2018, with professional, scientific and technical services seeing the highest increase at 39.3 percent over the same period for the prior year
- Taxable sales were up for thirteen of Nevada's 17 counties for fiscal year 2018 over the same period for fiscal year 2017
- Gross revenue collections from Sales and Use Taxes for December 2017 totaled $439.41 million - a 5 percent increase over December 2016
- The 2 percent state portion of Sales and Use Taxes that goes to the General Fund was up 3.1 percent in December 2017 over December 2016, continuing the growth trend seen since mid-2009