AP NEWS
Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

Terrace Global Announces Appointment of Stephen Lermer as President and Chief Operating Officer

February 3, 2020 GMT

TORONTO--(BUSINESS WIRE)--Feb 3, 2020--

Terrace Global Inc. (“ Terrace Global ” or the “ Company ”) (TSXV:TRCE) is pleased to announce that effective immediately, Stephen Lermer has joined the Company as President and Chief Operating Officer.

Stephen is joining Terrace Global to lead and manage the Company’s international operations, including the build-out of its cultivation and processing facilities in Uruguay and Portugal. Previous to joining Terrace Global Stephen was the Chief Operating Officer of Charlotte’s Web Holdings Inc. (TSX: CWEB), one of the most prominent CBD producers in the United States.

Stephen has over 38 years of experience overseeing start-up, mid and large-scale global pharmaceutical, cosmetic and consumer-packaged goods operations, product development and commercialization, manufacturing and distribution. Prior to joining Terrace Global and in addition to his role at Charlotte’s Web, Stephen held senior leadership and executive positions at Johnson & Johnson, Burroughs Wellcome (now GlaxoSmithKline), Rhone Poulenc (now Sanofi-Aventis), Orion Oyj, Akela Pharma and Argenta.

“Stephen is uniquely qualified to lead the development and expansion of our operations in Europe and Latam. He has a global perspective on the cannabis and hemp industries and will be able to leverage his extensive relationships in the U.S. and abroad to help Terrace Global grow into household name in the space. We very much value his GMP experience, product development expertise and extensive knowledge of industrialization,” commented Francisco Ortiz von Bismarck. “We could not be more pleased with Stephen’s addition to the team and are looking forward to building out our assets in the E.U. and Latin America with his leadership.”

Stephen brings a seasoned global business perspective to operational decision-making having lived and worked in Europe, the Caribbean, Central America, South America and North America. Stephen’s deep international business experience includes cross border mergers and acquisitions, international drug development and new market entry.

“Terrace Global is poised to succeed as the demand for high quality GMP certified and competitively priced cannabis grows globally. The Company’s well thought out strategy coupled with its experienced operational team will uniquely position Terrace Global to supply the market by leveraging regional competitive advantages.” commented Stephen Lermer, President and Chief Operating Officer of Terrace Global. “As we look into 2020 and 2021, Terrace Global is well positioned to become the dominant cannabis, hemp and derivatives producer in the European Union and South America.”

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. (OTCQX: 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.

FORWARD-LOOKING STATEMENTS

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.

View source version on businesswire.com:https://www.businesswire.com/news/home/20200203005218/en/

CONTACT: Terrace Global Inc.

Francisco Ortiz von Bismarck, CEO and Director

E-mail:info@terraceglobal.ca

Website:www.terraceglobal.ca

KEYWORD: NORTH AMERICA CANADA

INDUSTRY KEYWORD: ALTERNATIVE MEDICINE HEALTH AGRICULTURE NATURAL RESOURCES PHARMACEUTICAL BIOTECHNOLOGY

SOURCE: Terrace Global Inc.

Copyright Business Wire 2020.

PUB: 02/03/2020 06:30 AM/DISC: 02/03/2020 06:30 AM

http://www.businesswire.com/news/home/20200203005218/en