Terrace Global closes reverse takeover transaction to go public on the TSX Venture Exchange.
Closes over-subscribed $17 million subscription receipt financing.
Exercises option to acquire Oransur, S.A., a leading high-CBD hemp cultivation operation located in San Fernando, Uruguay.
Faises, S.A., one of two recreational cannabis businesses currently operating in Uruguay, produces 927 kilograms of recreational cannabis for the Uruguayan market and sold 772 kilograms.
2020 Highlights to Date:
Stephen Lermer joins Terrace Global as President and Chief Operating Officer from Charlotte’s Web Holdings (TSX: CWEB).
Oransur 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 facilities build-out in Portugal with approximately $17 million in cash at year end.
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.
FOR IMMEDIATE RELEASE
TORONTO, ONTARIO – April 29, 2020 – Terrace Global Inc. (“Terrace Global” or the “Company”) (TSXV:TRCE) is pleased to announce it has filed its audited financial results for the year ended December 31, 2019. The audited financial statements and management discussion and analysis for the three months and year ended December 31, 2019, 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.
“In 2019, Terrace Global was focused on closing its over-subscribed $17 million subscription receipt financing, closing its go-public transaction and building its global cultivation footprint,” commented Francisco Ortiz von Bismarck, Chief Executive Officer of Terrace Global. “Terrace Global is fortunate to have a very strong balance sheet with approximately $17 million in cash at year end. Given the cyclical nature of our outdoor cultivation operations, we have the ability to scale-up and scale-down operations without impacting our long-term business plan. Our current focus is on receiving the requisite approvals in Portugal to commence construction of our medical cannabis greenhouse facilities in Portugal.”
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:
Terrace Global Inc.
Francisco Ortiz von Bismarck, CEO and Director
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.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release