TORONTO--(BUSINESS WIRE)--Terrace Global Inc. (“Terrace Global” or the “Company”) (TSXV:TRCE), a multi-country operator focused on the development and acquisitions of international cannabis assets, believes it is well-positioned to capitalize on this week’s announcement, by Brazil’s National Agency for Health Surveillance (“Anvisa”), approving the importation and sale of medical cannabis while, at the same time prohibiting domestic cultivation.
With its operations in neighbouring Uruguay—including a 150-acre hemp cultivation facility and 33.75% ownership of one of just two recreational cannabis licenses in Uruguay—Terrace Global is poised to be a significant participant in the Brazil market, facilitated by the South American trade agreement known as Mercosur.
“We welcome this announcement by Anvisa, the Brazilian health authority,” comments Francisco Ortiz von Bismarck, Co-Founder and CEO of Terrace Global. “With our close geographic proximity to Brazil and significant cost advantages over Canadian producers, this is a tremendous opportunity for our Company to be early entrants into Brazil, the largest country in South America with a population of over 200 million people.”
In addition to Uruguay, Terrace Global has operations in Spain and in Portugal – a country with strong, established economic and social ties with Brazil – where its building up to 350,000 square foot medical cannabis greenhouse facility just outside of Lisbon.
“We are building a company that is distinguishable from other cannabis companies in North America,” added Mr. Ortiz von Bismarck. “We have acquired assets in countries where the growing climate and capex requirements allow for viable businesses. It is this strategy that best positions us to take advantage of the international liberalization of cannabis laws.”
It is expected that Anvisa’s new rules will be published in the country’s official gazette in the next several days and come into force ninety days thereafter.
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. For more information, please see www.terraceglobal.ca.
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 TSX Venture Exchange (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.