Highlights:
- Terrace Global closes reverse takeover transaction and accesses subscription receipt financing proceeds of $17 million ending the quarter with approximately $19 million in cash.
- Francisco Ortiz von Bismarck attended the Cannabis Invest UK Conference in London.
- Terrace Global exercises call option to acquire Oransur, a high CBD hemp producer in Uruguay, and announces the successful importation of high CBD genetics from Colorado, establishment of one-of-a-kind drying facility partnership in Uruguay and plantation of high CBD genetics.
- Terrace Global announces appointment of Kevin Sanchez as Vice-President, Cultivation.
TORONTO, Nov. 29, 2019 (GLOBE NEWSWIRE) -- Terrace Global Inc. (“Terrace Global” or the “Company”) (TSXV:TRCE) is pleased to announce it has filed its interim financial results for the third quarter ended September 30, 2019. The financial statements and management discussion and analysis for the nine months ended September 30, 2019, are 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.
“The third quarter of 2019 was a transformational one for the Company as we completed our listing on the TSX Venture Exchange,” commented Francisco Ortiz von Bismarck, CEO and Co-Founder of Terrace Global. “During the quarter, the Company continued to build out its asset base by exercising the call option on Oransur, S.A. and by expanding the team with the appointment of Kevin Sanchez as Vice-President, Cultivation. In 2020, we are looking forward to establishing Terrace Global as the leading international cannabis company with a focus on jurisdictions with domestic sales, low cost inputs and the ability to export into under-serviced markets.”
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., 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.
Further Information
For further information regarding Terrace Global, please contact:
Terrace Global Inc.
Francisco Ortiz von Bismarck, CEO and Director
E-mail: info@terraceglobal.ca
Website: www.terraceglobal.ca
FORWARD-LOOKING STATEMENTS
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.