Terrace Global Announces Appointment of Former Charlotte’s Web President and CEO, Hess Moallem, to Its International Advisory Board

TORONTO--(BUSINESS WIRE)--Terrace Global Inc. (“Terrace Global” or the “Company”) (TSXV: TRCE) is pleased to announce that Hesaam “Hess” Moallem has been appointed to the International Advisory Board. Mr. Moallem joins Messrs. Lorne Gertner, Hon. Jim Peterson, Maria Consuelo Araujo and Jonathan Goldman on the International Advisory Board.

“Terrace Global has taken a unique approach to the development of its business. Focusing its cultivation and operations footprint in the nascent European Union market is an important differentiator for the Company. Terrace Global’s footprint and knowledge in Portugal, in particular, gives the Company a unique advantage in the EU. I am looking forward to working with the team as they continue to develop the Company’s extraction and product capabilities with a view to leveraging its low-cost cultivation,” commented Mr. Moallem. “Terrace Global’s relationship with The Flowr Corporation (TSXV: FLWR) provides it a quality partner with extensive experience growing high quality cannabis. The foundation of any cannabinoid derivative product is the cultivation standards and genetics underpinning the ultimate product, whether that be finished or bulk form. These companies have found a way to work together to leverage each other’s expertise and advantages. I am excited to be a part of the Company and look forward to seeing it grow into a future global leader in the industry.”

Mr. Moallem is a consumer-packaged goods industry executive and attorney with a diverse background that includes leadership and C-level positions in sales, marketing, supply chain, manufacturing, business development, international expansion/operations and legal/regulatory roles. Previously, Mr. Moallem served as the President, Chief Executive Officer and Director of Charlotte’s Web Holdings Inc. (TSX: CWEB), where he led the company through its successful initial public offering in 2018.

“Hess brings a unique international perspective to our Company. While at Charlotte’s Web, he was a guiding force behind its branding, operations and go public strategy and has traversed the world looking at opportunities in the cannabinoid industry,” commented Francisco Ortiz von Bismarck, Chief Executive Officer of Terrace Global. “Our International Advisory Board is comprised of industry leaders and individuals with the relationships and global insight to help us succeed in the long term.”

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.

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.

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