Terrace Global Announces Acquisition of Uruguayan High-CBD Cannabis Producer Oransur to Expand Global Footprint

VCBeat (WeChat ID: vcbeat) learned from foreign media reports that on November 28, 2019, Terrace Global Inc. announced the acquisition of 100% of the issued shares of Oransur, a Uruguay-based high-CBD cannabis cultivation company. The financial terms of the acquisition were not disclosed.

Following the acquisition, Terrace Global will appoint Kevin Sanchez as its Vice President, with Kevin overseeing all of the company’s cannabis production operations. Specifically, Kevin will assist all farm managers in adjusting planting schedules, selecting genetics, optimizing cultivation techniques, and ensuring compliance with Good Manufacturing Practices (GMP) for pharmaceutical quality management.

Terrace Global is a global distributor in the cannabis industry, focusing on the development and acquisition of international cannabis assets. Terrace Global operates world-class platforms in Uruguay, Spain, and Portugal, with its business spanning recreational cannabis, medical cannabis, and cannabis-related assets.

Oransur is a renowned cannabis producer in Uruguay, holding a cultivation license for over 150 acres of cannabis. In Uruguay, licensed cannabis producers are permitted to cultivate cannabis containing up to 1% tetrahydrocannabinol (THC), with no restrictions on other cannabinoids such as cannabidiol (CBD) and cannabigerol (CBG).

In October 2019, Oransur successfully introduced cannabis seeds from Colorado, including both non-feminized and feminized varieties, with an average CBD content ranging from 10% to 15%.

Furthermore, Oransur has constructed a 2,000-square-foot greenhouse for the propagation and cultivation of approximately 6,000 high-CBD cannabis seedlings. To date, the germination rate of these seedlings has ranged from 80% to 97%.

Gaston Magri, General Manager of Oransur, stated, “We are determining which genetic strains are best suited to the climate of San Fernando, Uruguay. We are encouraged by the preliminary results from our high-CBD genetics and will continue to advance our agronomic program to ensure optimal outcomes.”

Francisco Ortiz von Bismarck, Co-Founder and CEO of Terrace Global, stated, “Oransur has established a production pathway for high-CBD genetic varieties of cannabis grown in the Northern Hemisphere with tetrahydrocannabinol (THC) levels of up to 1%, adopting a counter-cyclical approach. Furthermore, we are highly encouraged by the Oransur team’s acquisition of high-CBD genetics from the United States and their initiation of cultivation in greenhouses.”

Recently, CBD has garnered significant attention within the industry due to its therapeutic effects. Notably, in June 2018, the FDA approved Epidiolex, the first prescription medication containing CBD, for the treatment of rare and refractory epilepsy. Furthermore, CBD shows promise in managing a variety of conditions, including inflammatory pain, psychosis or psychiatric disorders, inflammatory bowel disease, nausea, migraines, depression, anxiety, general pain, muscle spasms, glaucoma, insomnia, and loss of appetite.

(Compiled by Xiong Hui)