· Terrace Global provides update on its high-THC operations in Portugal where it is jointly operating the Aljustrel outdoor medical cannabis site with The Flowr Corporation (TSXV – FLWR).
· Receipt of importation permits for high-THC genetics to be planted at the Aljustrel site.
· The Aljustrel site now home to 13,500 clones and 30,000 seeds for its 30 acre outdoor medical cannabis site.
FOR IMMEDIATE RELEASE
TORONTO, ONTARIO – June 9, 2020 – Terrace Global Inc. (“Terrace Global” or the “Company”) (TSXV:TRCE) is pleased to provide an operational update at the Aljustrel, Portugal outdoor medical cannabis site which is jointly operated with The Flowr Corporation (TSXV – FLWR) (“Flowr”). As previously announced, the Company has entered into a joint venture with Flowr whereby the Company will fund certain operating and capital expenditures at the Aljustrel outdoor medical cannabis site in Portugal in exchange for the issuance of common shares and warrants in Flowr as well as 25% of the net proceeds from the sale of any medical cannabis from the project. Pursuant to the terms of the joint venture, the Company has enabled its cultivation team to work jointly with the Flowr team to develop the site in 2020 and 2021.
“We have achieved an important milestone in Portugal with the importation of additional genetics to help us produce a significant harvest in Aljustrel. These 30,000 seeds add to the 13,500 clones that have already been transplanted into the field,” commented Stephen Lermer, President and Chief Operating Officer of the Company. “We are extremely pleased thus far with the soil quality and climate at the outdoor site in Aljustrel. Despite the COVID-19 global lock-down we have been able to nonetheless keep pace in Portugal with our participation in one of the largest outdoor medical cannabis cultivation projects in the E.U. We have worked co-operatively with Flowr and our operational teams have moved quickly to take advantage of this year’s opportunity. We have also been very pleased with the interest we have received from global players in the cannabis industry who want to partner with us and help us monetize this significant opportunity.”
Operational Update in Portugal
Flowr, through its wholly-owned subsidiary Holigen Holdings Limited (“Holigen”), has received the requisite import permits from INFARMED, I.P. with respect to the importation of the following high-THC strains:
|Gorilla Glue #4||25%+|
These genetics add to the 13,500 clones that Flowr imported earlier in the year to Holigen. The clones were Pink Kush, OG Tahoe and Louis XIII, each of which are more than 20% in THC. The Pink Kush strains were planted by Flowr outdoors at their Kelowna, British Columbia campus.
The Company and Flowr have already planted approximately 13,500 clones at the outdoor medical cannabis site in Aljustrel, Portugal. In addition, the Company will be sowing approximately 30,000 seeds as outlined above over the course of the next week with the expectation that seedlings will be transplanted in mid-July. The Company is working closely with Flowr and Holigen to ensure the success of this year’s outdoor medical cannabis crop.
The Aljustrel outdoor medical cannabis site is fully licensed for medical cannabis production and it is expected that the partnership with Flowr will enable the Company to process, dry and package all medical cannabis produced at the Alustrel site at Holigen’s GMP facility in Sintra, Portugal, subject to applicable regulatory approvals. The Aljustrel site has been designated a project of national interest by the Portuguese government, a designation that reduces bureaucratic decision-making and allows for expedited regulatory licensing.
Cultivation team in Aljustrel, Portugal transplanting high-THC clones.
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, including expectations around its 2020 harvest at the jointly operated Aljustrel facility. 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