TORONTO--(BUSINESS WIRE)--Terrace Global Inc. (“Terrace Global” or the “Company”) (TSXV:TRCE) is pleased to announce that it has entered into a genetics supply agreement (the “Genetics Supply Agreement”) with Apollo Green Inc. (“Apollo Green”) whereby the parties have entered into an exclusive relationship with respect to the acquisition and importation of high-THC genetics for the Company’s medical cannabis operations in Portugal.
Terrace Global has commenced the process to acquire the requisite starting materials for the first phase of its greenhouse facilities in Portugal, which will be comprised of approximately 65,000 square feet of greenhouse facilities, a 5,000 square feet of E.U. GMP processing and drying facility and a 3,300 square feet administrative building.
Pursuant to the Genetics Supply Agreement, Terrace Global will be acquiring the following genetics: Chem Stallion (15-25% THC, 0.5-0.1% CBD), Twisted Grape (15-25% THC, 0.5-0.1% CBD) and Apollo Skunk (15-25% THC, 0.5-0.1% CBD). These genetics will add to Terrace Global’s existing inventory of high CBD genetics which were acquired from Colorado and used in its outdoor cultivation in Uruguay.
“We are pleased to be working with Apollo Green to develop our genetics inventory with a view to focusing on high-THC strains that we expect to be well received by the European Union medical cannabis market participants. Apollo Green has an extensive library of genetics that include a diverse set of market leading strains and cross-breeds,” commented Francisco Ortiz von Bismarck, Chief Executive Officer of the Company. “Being able to source these genetics is an important milestone in the development of European operations. Without quality genetics, there is no pathway to success in the burgeoning E.U. medical cannabis industry.”
Apollo Green has been accumulating an extensive library of high-THC genetics and has benefited from its relationship with Ed Rosenthal. Mr. Rosenthal is a Global Advisor to Apollo Green and is a leading cannabis horticulture authority, author, educator, social activist and legalization pioneer.
“Terrace Global is building a world-class cultivation facility in one of the most attractive countries from a regulatory and climate perspective. We will be working closely with the Company to see how these genetics perform by leveraging our extensive cultivation expertise,” commented Tyler LeBlanc, Chief Executive Officer of Apollo Green. “This is a meaningful partnership for us as we seek to grow our genetics and plantlet business globally. Terrace Global is the ideal partner given its extensive experience and international footprint in Uruguay, Portugal and Spain.”
The Genetics Supply Agreement is subject to various conditions precedent, including the issuance of the applicable export and import permits from the regulatory authorities in Canada and 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.
About Apollo Green
Apollo Green was among the first wave of Canadian businesses to submit an application to Health Canada for a cannabis cultivation and sales license. In July 2019, Apollo Green was granted three licenses for standard cultivation, standard processing and federal medical sales. Apollo Green currently supplies premium genetic solutions and superior plantlets to Cannabis producers globally, specializing in reducing risk, space, costs, and time to its B2B customers, in a state of the art fully operational facility about 20 minutes east of downtown Ottawa.
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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