TORONTO–(BUSINESS WIRE)–Terrace Global Inc. (“Terrace Global” or the “Company”) (TSXV:TRCE), a multi-country operator focused on the development and acquisition of international cannabis assets, applauds the historic vote held by the United Nations Commission on Narcotic Drugs on Wednesday, December 2, 2020 accepting a World Health Organization (WHO) recommendation to remove cannabis and cannabis resin from Schedule IV of the 1961 Single Convention on Narcotic Drugs. On October 20, 2020, Terrace Global announced a transaction whereby The Flowr Corporation (TSXV: FLWR) will, subject to certain terms and conditions, acquire all of issued and outstanding common shares in the capital of Terrace Global at a purchase price of $0.22 per share payable in shares of Flowr at an implied price of $0.44 per Flowr share (the “Transaction”).
“We view this approval as an important next step to the broader acceptance internationally of the use of cannabis as a medicine and as potentially laying the groundwork for further deregulation of cannabis. There appears to be a ground swell of interest in the regulation of legal cannabis outside of North America with Germany and Portugal now having full-fledged medical cannabis regimes and Luxembourg considering an adult-use program,” commented Francisco Ortiz von Bismarck, Chief Executive Officer of Terrace Global. “The proposed combination of our business and significant capital resources with the extensive production capacity that Flowr has in Portugal at its E.U. GMP facility and with its outdoor and greenhouse capacity, we believe will well-position the combined company in the future to capitalize on the expansion of other countries’ move to legalize cannabis.”
For more information with respect to the Transaction, please see the news release dated October 20, 2020 and the management information circular dated November 13, 2020 (the “Circular”), which are available on SEDAR at www.sedar.com.
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. 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, including without limitation the Transaction. 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. Readers should read refer to the Circular for additional information, including terms and conditions and risk factors, relating Transaction. 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.