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Cannabis Stock Pops On Acquisition

A California-based cannabis company just announced that they have executed an agreement to acquire Unrivaled in an all-stock transaction. Terra Tech Corp. (OTCQX:TRTC) said Unrivaled (previously known as UMBRLA, Inc.) is a swiftly growing and well-run diversified cannabis company. This transaction would bring vertical integration as well as geographic expansion to one of the largest cannabis distribution networks on the west coast.

Terra Tech is an American cannabis-focused agriculture company. Its business is organized into three segments namely Herbs and Produce Products, Cannabis Dispensary, Cultivation, and Production and Real Estate and Construction. The company along with its subsidiary involves the retails of its farm produce, cannabis flowers, cigarettes, and hydroponic equipment. It generates a majority of its revenue from Cannabis Dispensary, Cultivation and Production segment.

Traders were optimistic on the news as shares of this small cap traded up to a session high of $0.44/share (+19.79%) following the headline. This is a strong continuation of the uptrend this stock has been riding for months.