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Terrace Global Inc. (“Terrace Global” or the “Company”) (TSXV: TRCE) is pleased to announce that it has received a provisional license (the “prelicense”) from INFARMED, IP, the Portuguese regulatory authority with oversight over the pharmaceutical industry in Portugal, adding medical hashish (“INFARMED”), at an outdoor medical hashish site located in Constancia, Portugal (“external assets”). The asset is located an hour north of Lisbon in an agricultural domain and includes about 20 acres of arable land.
“We are pleased to have obtained this prelicense from INFARMED and outdoor property as a vital next step in the expansion of our company,” said Francisco Ortiz von Bismarck, CEO of the company. “We learned a lot from the operation of Aljustrel’s outdoor medical facilities. hashish plant in a harvest of approximately 30 acres. Next year, we will have the merit of developing outdoors in two sites with our own patented genetics with the maximum THC content. “
“Constancia’s external assets are ideal for cannabis development. We have spent a lot of time researching all the microclimates in Portugal and that constancia’s green belt offers the right soil types and weather conditions. “commented Stephen Lermer, president and chief operating officer of the company. “Between what we learned in Aljustrel, which is in southern Portugal, and now what we saw in Constancia, which is towards the center of the country, we believe we have two sites that will deliver attractive results. 2021. “
As a component of an equity line and a profit-sharing agreement (the “joint venture agreement”) with The Flower Corporation (TSXV: FLWR), the Company jointly operates a medical hashish facility in Aljustrel, Portugal. agreement, the company has the right to negotiate an option in its sole discretion to grow back in this box in 2021. The joint venture agreement also provides the company’s ability to process, dry and package its medical hashish at Flowr’s facilities in Sintra, Portugal, which is a GMP-certified facility.
The prelicense is transient until a physical inspection of INFARMED is carried out at the growing site. The inspection is expected to take place in the first quarter of 2020 and, once completed, a final formal licence will be issued.
The prelicense adds to the provisional license that was recently obtained at a ten-acre site (the “greenhouse assets”) just outside in Lisbon, Portugal, where the company is preparing to build a greenhouse. Awaiting approval through the local zoning government in Palmela, Portugal. Due to the COVID-19 pandemic, the local zoning government has been delayed in greenhouse approval. The company expects to obtain corresponding short-term approvals and is working with local government to trigger approval.
About Terrace Global
Terrace Global is a multi-country operator (MCO) run by experienced hash marketers who focus on the progression and acquisition of hash assets. Terrace Global focuses on federal jurisdictions with existing domestic demand, cheap and export-approved inputs.
Neither TSXV nor its regulatory service provider (as explained in TSXV’s policies) assumes the duty of the relevance or accuracy of this release.
FUTURE STATEMENTS
This press release includes secure forward-going statements, adding, but not limited to, statements about the Company’s long-term plans and intentions, adding expectations related to its 2021 operations at Aljustrel’s joint facilities and the required regulatory approvals referred to herein. such as “may,” “will,” “should,” “could,” “expect,” “plan,” “pretend,” “anticipate,” “believe,” “estimate,” “anticipate,” or “potential,” or Negative or other variants of single words, or similar words or phrases, have been used to identify such forward-looking statements. These statements reflect the existing ideals of the control and are based on existing data to be monitored as of the date here.
Forward-looking statements involve significant risks, uncertainties and assumptions. There are many points that can cause actual effects, functionality, or achievements to differ materially from the effects discussed or implied through forward-looking statements. These points should be concienzudamente. de as and readers deserve not to place undue reliance on forward-thinking statements. While the forward-looking statements contained in this press release are based on what control it believes to be moderate assumptions, the Company cannot guarantee readers that the actual effects will be These forward-looking statements are made as of the date of this press release, and the Company assumes no legal responsibility to update or revise them to reflect new occasions or circumstances , as required by law.
Neither TSXV nor its regulatory service provider (as explained in TSXV’s policies) assumes the duty of the relevance or accuracy of this release.
See the edition in businesswire. com: https://www. businesswire. com/news/home/20200917006025/fr/
contacts
Terrace Global Inc. Francisco Ortiz von Bismarck, CEO and Email Director: info@terraceglobal. ca Website: www. terraceglobal. ca