Terrace Global Inc. (TSE:TRCE) commenced trading on the TSX Venture Exchange on Monday, under the ticker symbol TRCE. The company was launched in 2018 by cannabis entrepreneurs including Michael Galego, co-founder of ICC Labs, now owned by Aurora Cannabis Inc (NYSE: ACB); and Stephen Arbib, founder of MedReleaf, which was also acquired by Aurora Cannabis.
The company’s advisory board includes Lorne Gertner, founder of Tokyo Smoke, now owned by Canopy Growth Corp (NYSE: CGC); and Johnathan Goldman, whose family founded Bedrocan, acquired by Canopy.
The company’s strategic partner — and one of its largest shareholders — is MariMed Inc (OTC: MRMD), a multi-state operator with recreational and medical cannabis operations and retail outlets in the United States.
Terrace’s Global Assets
Terrace Global has one of the two largest recreational cannabis licenses in Uruguay, is building a greenhouse facility dedicated to medical cannabis in Portugal, and has a low cost hemp operation in Spain. The company has approximately $20 million in cash, with $6.5 million allocated towards M&A and other opportunities.
“Much of the doom and gloom surrounding the cannabis industry over the past 12 months has been a result of regulatory rules in North America that do not adequately promote the industry,” Francisco Oritz von Bismarck, co-founder and CEO of Terrace, told Benzinga. “Based upon our team’s shared experiences, we’ve developed a different approach. We have acquired assets in countries where the growing climate, capex requirements and domestic markets allow for viable businesses. We are also working towards securing additional operations in other low-cost jurisdictions, with progressive regulatory regimes, and strong domestic demand.”