Terrace Global cheers UN's OK to reschedule cannabis 2020-12-03 18:12 ET - News Release
Mr. Francisco von Bismarck reports
TERRACE GLOBAL APPLAUDS UNITED NATIONS APPROVAL OF WORLD HEALTH ORGANIZATION RECOMMENDATION TO RESCHEDULE CANNABIS
Terrace Global Inc. has applauded the historic vote held by the United Nations Commission on Narcotic Drugs on Wednesday, Dec. 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 Oct. 20, 2020, Terrace Global announced a transaction whereby The Flowr Corp. 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 22 cents per share payable in shares of Flowr at an implied price of 44 cents per Flowr share.
"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 EU 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 Oct. 20, 2020, and the management information circular dated Nov. 13, 2020, which are available on SEDAR.