TORONTO, Nov. 18, 2019 (GLOBE NEWSWIRE) -- Terrace Global Inc. (“Terrace Global” or the “Company”) (TSXV:TRCE) is pleased to announce that trading in its common shares on the TSX Venture Exchange (the “TSXV”) will commence today at 9:30 a.m. under the ticker symbol “TRCE”.
Terrace Global is a leading international cannabis platform with operations in Uruguay, Spain and Portugal. The Company currently holds a 33.75% indirect equity interest in one of the currently two recreational cannabis operations in Uruguay as well as a high CBD hemp operation in Uruguay and a hemp cultivation operation in Spain. In addition, Terrace Global is in the process of building out a medical cannabis facility in Portugal.
“We are very proud to be listed on the TSXV and pleased to be able to avail ourselves of the Canadian capital markets through a stock exchange that has become the world leader in the cannabis sector. Conducting our business in federally legal jurisdictions has allowed us to be able to list on the TSXV and we hope to continue to grow our business globally as a result,” commented Francisco Ortiz von Bismarck, Co-Founder and CEO of Terrace Global. “Listing on the TSXV was an important milestone for our Company and we will continue now our focus on developing operations in countries where we can cultivate at a low-cost and that have domestic demand for cannabis products and derivatives.”
Subscription Receipt Financing
In connection with listing on the TSXV, Terrace Global recently completed a brokered private placement for aggregate gross proceeds of $17 million at a price of $0.50 per subscription receipt.
“We were very pleased to have an over-subscribed financing in these turbulent markets. We are now fully funded to build out our facilities in Uruguay and Portugal. We see Uruguay as our existing cultivation and sales platform with Portugal representing a significant opportunity for future growth as an entry point into the European Union,” commented Mr. Ortiz von Bismarck.
Board of Directors, Officers and International Advisory Board
“One of our most important assets is human talent and the international perspective we bring to the cannabis industry. Everyone involved in Terrace Global has a great line of sight into the global cannabis opportunity. We are in jurisdictions where we can cultivate cannabis and cannabis derivatives in a cost competitive manner and also with a view to global expansion by having a toehold in the best jurisdictions for export,” commented Mr. Ortiz von Bismarck. “Over the last five years, North America presented a compelling opportunity in the cannabis space. We have moved past this opportunity and now see several burgeoning opportunities that we well suited to take advantage of.”
Francisco Ortiz von Bismarck (Chief Executive Officer and Director)
Francisco Ortiz von Bismarck is an international entrepreneur and founder of Terrace, who brings extensive investment experience across Europe and South America. Mr. Ortiz von Bismarck has been an entrepreneur and investor since he finished university. In 2006, he cofounded and was the first investor in the “Spanish Facebook”, called “Tuenti”, sold to Telefonica in 2010. In 2008, he co-founded and was the majority shareholder in a project called Glass. From 2009 until 2018, Mr. Ortiz von Bismarck was the Business Development Manager of GT Group, a multi-family wealth management firm based in Zürich, Switzerland. In 2011, Mr. Ortiz von Bismarck co-founded Inception Capital S.L., a venture capital fund focused in seed Internet investments in Spain and is currently a director of this fund. Over the years, Mr. Ortiz von Bismarck created and invested in several other tech start-ups such as Youzee Entertainment in Spain (2011), Dupli Limited in Malta (2014) and Y Experiment in Poland (2015) with limited traction. Mr. Ortiz von Bismarck is also an advisor (2016) and director (2017) in Easy Payment Gateway in Gibraltar. Until recently, he was a director (2016-2018) in Agriculture Investment Group Corp. with assets in Uruguay. Mr. Ortiz von Bismarck holds a Bachelor Degree in Economics from Harvard University.
Michael Galego (Director)
Michael Galego is an executive and lawyer with M&A and corporate finance experience. Mr. Galego is currently CEO of Apolo Capital Advisory Corp. and sits on the board of directors of several public and private companies. Mr. Galego was a co-founder and director of ICC Labs (ICC.V) until its sale to Aurora Cannabis Inc. in November 2018. Mr. Galego previously served as CEO at the Stronach Group, Agricultural Division. He has also previously served as a director or officer to several public companies, including as a director of Western Atlas Resources Inc., General Counsel, Secretary & Managing Director of Acasta Enterprises Inc., Deputy General Counsel and Secretary of Frontera Energy Corp. (formerly Pacific Rubiales Energy Corp.) and General Counsel, Secretary and Director of CGX Energy Inc., and as a director of Woulfe Mining Corp. Mr. Galego began his legal career as an associate in the business law department of Osler, Hoskin & Harcourt LLP. Mr. Galego is a graduate of York University (Hons. B.A.) and the University of Windsor (LL.B). Mr. Galego has previously served on the Board of Directors of the Trillium Gift of Life Network and on the Board of Directors of the Canadian Liver Foundation.
Stephen Arbib (Director)
In 2013, Stephen Arbib founded MedReleaf (LEAF.TO), the first and only ISO 9001 certified cannabis producer in North America and one of the global leaders in the production and research of medicinal cannabis which recently sold to Aurora for $3.2 billion. Having founded the company, Mr. Arbib was involved with every facet of the business since inception up until MedReleaf went public, at which point he stepped off the board but continued in an advisory capacity until the sale to Aurora. In 2013, Mr. Arbib also founded Momentum Solutions, one of the world’s leading logistics and life support service providers, specializing in humanitarian and emergency operations, and currently serves as CEO. Stephen is also the co-founder of Cycura Inc., an offensive cyber security firm which provides advanced, customized, and confidential cyber security services to governments, companies, and organizations with particularly high intellectual property (IP) value as well as critical data protection needs such as infrastructure. Mr. Arbib was born in Tel Aviv, Israel in 1977, and moved to Toronto at the age of ten. He attended Ryerson University for Business and following his second year, enrolled in a joint entrepreneurship program in Vancouver, with Harvard University, where he founded his first company, Simso Online Inc. He successfully divested Simso after two years. Mr. Arbib is an active member of the Toronto Jewish community, having founded Shalom Life Media Inc., Canada’s largest online Jewish media outlet, the vice-Chairman of the Canadian Friends of Tel Aviv University and a member of the Board of Six Points Jewish Philanthropy Fund.
Dennis Mills (Director)
Mr. Mills was a director of Pacific Rubiales Energy Corp. and was Vice Chairman and CEO of MI Developments Inc. from 2004 to 2011, and a Vice President at Magna International from 1984 to 1987. Mr. Mills served as a Member of Parliament in Canada’s federal parliament from 1988 to 2004. His positions in the federal parliament included Parliamentary Secretary to the Minister of Industry (1993 to 1996). He is currently on the boards of Hut 8 Mining Corp. and CGX Energy Inc.
Vincent Gasparro (Director)
Vincent Gasparro has over eleven years of private equity experience. Mr. Gasparro has completed acquisitions in the manufacturing and retail sectors. From June 2010 to April 2017, Mr. Gasparro has served as Managing Director at The Green Tomorrow Fund, where he was investing in and financing renewable energy projects as well as revenue-generating green businesses. Prior to that, Mr. Gasparro was a Senior Associate as Succession Capital Corp. Mr. Gasparro has a B.A. (Honours) from York University and an MBA from Villanova University. Currently, Mr. Gasparro serves as Principal Secretary to the Mayor of the City of Toronto.
Leon Dadoun (Chief Financial Officer)
Leon Dadoun is a debt capital markets expert with more than 30 years of experience in the Canadian, U.S. and European financial markets with a particular emphasis on Banking and Structured Finance. Among various senior roles he has been Managing Director for Global Securitization at CIBC World Markets. Mr. Dadoun was responsible for developing and issuing the first Credit Card Securitizations by CIBC, Canadian Tire and MBNA in Canada. Mr. Dadoun successfully grew the securitization business from $3 billion in outstandings to $15 billion in outstandings. He went on to be the Founder and CEO of a structured credit boutique which formed as a joint-venture with Desjardins. He has co-founded NHA MBS Issuers Association, American Securitization Forum and helped structure the Canadian Mortgage and Housing Corporation’s Canada Mortgage Bonds Program (which today has over $200 billion in outstandings). Mr. Dadoun has significant experience with bank regulators and has collaborated with the Basel Committee on Global Banking Regulation in drafting the Basel II and Basel III Accord on capital adequacy reforms for the global banking system. In addition, he has provided expert testimony in proceedings related large Capital Markets litigation and led a group that successfully obtained Letters Patent to form a Schedule A Canadian Bank. Mr. Dadoun has previous public company experience as an Advisor to Highvista (a TSXV listed Mining and Real Estate public company). Mr. Dadoun holds a B. Comm. from the University of Toronto as well as being a C.A, C.P.A.
Lorne Gertner (International Advisory Board Member)
Mr. Gertner is a serial entrepreneur with experience in start-ups, going public transactions, fashion, retail, architecture, real estate, finance and cannabis. Mr. Gertner is a co-founder and former chairman of PharmaCan Capital Corporation (MMJ.V) (now Cronos), Canada’s first publicly traded merchant bank in the medical marijuana sector with investments in five of the thirty-eight legal licensed producers in Canada. He is also a co-founder of Tokyo Smoke. Mr. Gertner was a Co-founder and Director of Cannasat Pharmaceuticals Inc. (CYNA), the first medical marijuana company to be listed on the Toronto stock exchange with an investment in the first government contracted facility growing medical marijuana in Canada called Prairie Plant Systems now called Cannimed Therapeutics Inc. (CMED.TO). Mr. Gertner is the current Chairman of HG2 Capital Corp., an investment, merchant bank in the cannabis sector. Mr. Gertner is currently on the board of Green Acre Capital and on the board of the Design Exchange, and an adjunct professor of the Daniel School of Architecture Landscape and Urban Design at The University of Toronto. Mr. Gertner is a graduate of The John H. Daniels Faculty of Architecture, University of Toronto and has completed the ICD.D designation at the Rotman School of Management.
Hon. James Peterson (International Advisory Board Member)
A former federal Minister and Secretary of State, Jim Peterson has extensive knowledge and first-hand experience of government affairs. He served the Government of Canada as Minister of International Trade, Secretary of State (International Financial Institutions), and Chair of the House of Commons Standing Committee on Finance.
A former Minister of International Trade between 2003 and 2006, Mr. Peterson has extensive experience in trade policy and trade disputes. While minister, Mr. Peterson represented Canada at the World Trade Organization’s Doha round of negotiations, which were focused on expanding trade and investment in leading emerging markets Brazil, Russia, India and China, and with complex issues related to trade with Canada's NAFTA partners, the European Union, the Middle East and the Americas.
While Secretary of State from 1997 to 2002, Mr. Peterson was instrumental in piloting significant financial institution reforms through Parliament including legislation permitting foreign bank branching and aligning Canada with international standards in the fight against money laundering and terrorism. He also handled the insurance industry demutualization file. Working with caucus and stakeholders, Mr. Peterson approved major financial institution mergers including BNS – National Trust, Great West Life – London Life, Clarica – Met Life, and TD – Canada Trust.
Mr. Peterson served as Chair of the House of Commons Finance Committee between 1993 and 1997. While there, he began the practice of public pre-budget hearings and completed a number of major studies including a review of Canada's value added tax (the GST). Mr. Peterson retired from the House of Commons in 2007 after 23 years of public service as the Member of Parliament for Willowdale (Toronto). Mr. Peterson is currently counsel at Fasken Martineu DuMoulin LLP in Toronto.
Maria Consuelo Araujo (International Advisory Board Member)
Maria Consuelo Araujo is an executive with finance and international relations experience, including being a specialist in government, management and public affairs. Ms. Araujo is currently the General Manager of Transmilenio, S.A., the entity that oversee public transportation in Bogota, Colombia. Previously, Ms. Araujo was the Chief Executive Officer and President of Gran Colombia Gold Corp. from 2010 to 2013. Prior to that Ms. Araujo had a career in politics that included being Minister of Foreign Affairs of Colombia (2006-2007) and Minister of Culture of Colombia (2002-2006).
Jonathan Goldman (International Advisory Board Member)
Jonathan Goldman is an accomplished real estate and infrastructure developer as well as business builder with over 25 years of work experience. Mr. Goldman started his career in commercial real estate and subsequently founded, built, and sold one of the country’s most successful renewable energy development firms. Mr. Goldman joined Stafford Developments in 1995 and became the president in 2015. Stafford is a diversified private property development company that carries out land development, construction, and property management with its sister company Goldman Group. Stafford and the Goldman Group have deployed over $1 billion of equity capital with current managed assets over $2 billion on behalf of investors. As a result, Mr. Goldman brings a wealth of experience funding and executing the physical build out of many technically advanced facilities. Mr. Goldman has recently been involved in building multiple new businesses including a cannabis venture fund, a technology infrastructure business, an international cannabis company, a Canadian retail platform, an entertainment company and a CBD CPG business. Outside of work, Mr. Goldman is a member in good standing of the Young Presidents Organization (YPO), serves on the board of several charities and has recently made contributions to Mount Sinai Hospital, Baycrest, Sunnybrook Hospital, Lifeline, Crohn’s & Colitis Canada, Sick Kids Hospital, Boost Child and Youth Advocacy Centre and the United Way.
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. (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.
For further information regarding Terrace Global, please contact:
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.
Neither 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.