First Quarter Highlights:
Stephen Lermer joins Terrace Global as President and Chief Operating Officer from Charlotte’s Web Holdings.
Oransur, S.A., a wholly-owned subsidiary of Terrace Global cultivating outdoor hemp in San Fernando, Uruguay, produces approximately 750 kilograms of high-CBD biomass for extraction and approximately 500 kilograms of high-CBD genetics for commercial sale.
Pharmabinoide S.L., a wholly-owned subsidiary of Terrace Global cultivating outdoor hemp in Jaen, Spain, produces approximately 30 tonnes of hemp and enters into letter of intent with Pharmalife Now S.L. for its sale.
Terrace Global fully funded for its medical cannabis facilities build-out in Portugal.
In response to COVID-19, the board of directors took immediate actions to ensure all non-essential capital expenditures and operating costs were significantly reduced. The Company has also been in close contact with the municipalities in which it operates in order to support them with personal protective equipment.
On May 14, 2020, Terrace Global entered into an equity line and profit-sharing agreement (the “Flowr Agreement”) with The Flowr Corporation (TSXV: FLWR) to fund the operations at the Aljustrel outdoor site in Portugal in exchange for common shares and warrants in Flowr plus a 25% share of net proceeds from medical cannabis sales from the 2020 season, subject to reduction of such share of net proceeds in certain circumstances.
Toronto, Ontario–(Newsfile Corp. – May 29, 2020) – Terrace Global Inc. (TSXV: TRCE) (“Terrace Global” or the “Company“) is pleased to announce it has filed its interim unaudited financial results for the quarter ended March 31, 2029. The interim unaudited financial statements and management discussion and analysis for the three months ended March 31, 2020 will be available on the System for Electronic Document Analysis and Retrieval (“SEDAR“) at www.sedar.com and on Terrace Global’s website at www.terraceglobal.ca.
“Despite the COVID-19 global shutdown, Terrace Global was able to continue to execute upon its strategy of unlocking value in jurisdictions outside North America that are ripe for development. By entering into the Flowr Agreement, we fast-tracked our medical cannabis operations in Portugal significantly. With Flowr we have now imported into Portugal approximately 15,000 clones and 30,000 seeds in order to plant 30 acres of medical cannabis at Flowr’s outdoor site in Aljustrel, Portugal,” commented Francisco Ortiz von Bismarck, Chief Executive Officer of the Company. “The Flowr Agreement provides the Company the opportunity to jointly operate a large-scale medical cannabis operation in the E.U. with significant first production to be expected in 2020. We are also very excited to be able to leverage Flowr’s E.U. GMP facility in Sintra, Portugal to unlock additional value from our outdoor crop.”
About Terrace Global
Terrace Global is a multi-country operator (MCO) led by experienced cannabis entrepreneurs focused on the development and acquisition of international cannabis assets. Terrace Global’s focus is on federally legal jurisdictions with existing domestic demand, low cost inputs and approved for exportation. Terrace Global’s existing asset platform consists of: (1) a 33.75% indirect equity interest in one of the currently two recreational cannabis operations in Uruguay; (2) 100% of Oransur, S.A., a Uruguayan company producing high CBD hemp in Uruguay; (3) 100% of Terra Nova Produção e Comercialização de Produtos Natuis e Farmacêuticos, Lda, a Portuguese company with a pre-license issued by INFARMED for the cultivation, importation, and exportation of medical cannabis in Portugal; and (4) 100% of Pharmabinoide S.L., a Spanish company producing and commercializing hemp in Spain. MariMed Inc. (OTCQX: MRMD), a multi-state cannabis operator in the U.S., dedicated to improving the health and wellness of people through the use of cannabinoids and cannabis products, owns approximately 6% of Terrace Global.
For further information regarding Terrace Global, please contact:
This news release contains certain forward-looking statements, including, but not limited to, statements about the Company’s future plans and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
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