Monday 02 December 2019

2 December 2019 - Canada-based cannabis company Terrace Global Inc. (TSX Venture: TRCE) has exercised a call option to acquire 100% of all issued and outstanding shares in the capital of Uruguay based high CBD hemp cultivation company Oransur, S.A., the company said.

Terms of the transaction were not disclosed.

Oransur holds a license to cultivate hemp over up to 150 acres and is in the process of sowing its second outdoor hemp crop in Uruguay.

In Uruguay, licensed producers of hemp are allowed to grow hemp that contains up to 1% THC and without restrictions on other cannabinoids, such as CBD and CBG.

Oransur presents an opportunity to establish a pathway for high CBD genetics production with up to 1% THC on a counter cyclical basis to hemp produced in the Northern Hemisphere. Oransur has the ability to source high CBD genetics from the United States and commence the roll out of a seedling greenhouse for the purpose of cultivating these genetics.

Oransur has entered into a one-of-a-kind partnership with a GACP (Good Agricultural and Cultivation Practices) drying facility. Currently, Oransur has access to drying capacity of 24 tons of wet material per 48-hour cycle.

Terrace Global is a multi-country operator 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.