The cannabis boom has gone global thanks to higher demand from consumers, legalization in various countries, Cannabis 2.0, the 2018 Farm Bill, and further legalization throughout the U.S. As a result, the global market is expected to reach $146.4 billion by 2025, according to Grand View Research Inc. from $7.06 billion in 2016. In addition, the growing adoption of cannabis in medical applications such as cancer, mental disorders, and chronic pain is expected to boost revenue growth even more. That’s creating sizable opportunity for companies including Terrace Global Inc. (TSXV:TRCE), Aurora Cannabis Inc. (NYSE:ACB)(TSX:ACB), Flowr Corporation (TSXV:FLWR)(OTC:FLWPF), and Aphria Inc. (NYSE:APHA)(TSX:APHA).
Terrace Global Inc. (TSXV:TRCE) BREAKING NEWS: Terrace Global Inc. announced 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.”
Other cannabis-related developments from around the markets include:
Aurora Cannabis Inc. (NYSE:ACB)(TSX:ACB) provided an update on the readiness of its operations with the introduction of new product formats, recent industry recognitions and updates to existing operations. As a global leader in cannabis revenues, cannabis production, research, innovation and international market development, the Company intends to provide regular updates to its stakeholders in an effort to demonstrate continued transparency and disclosure. "We have focused our collective efforts to be ready for the successful launch of Cannabis 2.0 as Canada takes the next step in the legalization of newly allowed product forms. We are ready and have launched a diversified portfolio of new product formats and are excited for Canadians to have access to high-quality, safe alternative cannabis products such as edibles, vape pens and other derivatives," said Terry Booth, CEO of Aurora. "We have prudently deployed capital and we believe that we're ready with the appropriate combination of technology, scale and consumer insights to have the right products on store shelves in a timely fashion. This was not an easy task and I would like to thank the entire Aurora team for their collective efforts in getting 2.0 across the goal line in time for our provincial regulators."
Flowr Corporation (TSXV:FLWR)(OTC:FLWPF) announce that Ms. Irina Hossu will be joining the Company as its new Chief Financial Officer on March 29, 2020. Current Chief Financial Officer, Alex Dann, will remain with the Company until the end of March, 2020. The Company is also announcing the departures of Chief Research and Innovation Officer, Jason Broome, and Chief Strategy Officer, Laurence Levi. Current Chief Policy and Medical Officer, Dr. Lyle Oberg, will transition to an advisory role and remain on the Board of Directors of Flowr. Board Chairman Steve Klein will again assume the title of Chief Strategist, and oversee the strategic direction of the Company moving forward. “As the Company continues to grow and execute on its business plan, Flowr is realigning its leadership structure to drive improved operational and financial efficencies. Ms. Hossu, as CFO, will be responsible for the stewardship of Flowr’s finance department, with an emphasis on financial strategy, capital allocation planning and growing Flowr’s domestic and international businesses.” said Flowr’s Chief Executive Officer Vinay Tolia. “We are thrilled to welcome Irina to the Flowr family where her extensive experience in strategic finance leadership roles with multinational organizations will have a positive impact at all levels of our Company as we move forward through our next phase of growth. Furthermore, her experience across a variety of industries, including consumer-packaged goods and beverage and alcohol, will better enable Flowr to execute on our ambitious international growth plans.”
Aphria Inc. (NYSE:APHA)(TSX:APHA) announced that it closed its previously announced strategic investment from an institutional investor for aggregate gross proceeds to the Company of C$100,000,001. Pursuant to the Offering, the Significant Investor has agreed to purchase 14,044,944 units of the Company at a price of C$7.12 per unit. Each unit is comprised of one common share of Aphria and one-half of one common share purchase warrant of Aphria. Each warrant will entitle the Significant Investor to acquire one common share at a price of $9.26 for a period of 24 months from the closing date of the Offering. As previously disclosed, the Company intends to use the net proceeds from the Offering to finance international expansion, working capital and general corporate purposes. “We are pleased to be closing this successful $100 million strategic investment that reinforces confidence in our business and management team,” said Irwin D. Simon, Chief Executive Officer. “Importantly, now with nearly $600 million, our balance sheet has been further strengthened and will continue to support us as we execute upon our strategic plan for continued growth.”
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