Terrace Global Files Financial Results for the Quarter Ended June 30, 2020
“Our operations this year have focused on Portugal where we have partnered with Flowr to operate the Aljustrel outdoor medical cannabis facility in Portugal. It is important to note that all funds deployed to the joint venture are immediately repaid by way of the issuance of common shares and warrants of Flowr. This has allowed us to get boots on the ground in Portugal, learn the cultivation landscape and determine which genetics will succeed long-term in Portuguese soils with very little financial exposure,” commented Francisco Ortiz von Bismarck, Chief Executive Officer of the Company. “The Flowr Agreement provides the Company the opportunity to operate a large-scale medical cannabis operation in the E.U. with significant first production to be expected in 2020. We are also very excited to be able to leverage Flowr’s E.U. GMP facility in Sintra, Portugal to unlock additional value from our outdoor crop. The Flowr Agreement is truly a win-win for both parties and we have been pleased with the results thus far.”
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.
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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Source: Terrace Global Inc.