Cannabis Professional’s daily roundup of industry news. View archive here.
Terrace Global begins trading on TSXV
Terrace Global Inc. announced Monday that its common shares will begin trading today on the TSX Venture Exchange under the ticker symbol “TRCE”. Terrace Global is an international cannabis platform with operations in Uruguay, Spain and Portugal. The Company currently holds a 33.75 per cent indirect equity interest in one of the currently two recreational cannabis operations in Uruguay as well as a CBD hemp operation in Uruguay and a hemp cultivation operation in Spain. In addition, Terrace Global is in the process of building out a medical cannabis facility in Portugal. The company’s board contains several cannabis industry veterans, including Michael Galego, CEO of Apolo Capital Advisory Corp. and co-founder and director of ICC Labs; and Lorne Gertner, co-founder of Tokyo Smoke. In connection with listing on the TSXV, Terrace Global said it recently completed a brokered private placement for aggregate gross proceeds of $17-million at a price of $0.50 per subscription receipt.
Sunniva president resigns
Sunniva Inc., a North American provider of cannabis products and services, announced Monday that Kevin Wilkerson has resigned from his position of president of the company and from the position of president and CEO of Sun CA Holdings, Inc., the Company’s main U.S. subsidiary The company says the resignation, effective Dec. 2, 2019, is for personal reasons. The company has not announced any replacement for Mr. Wilkerson at this time. The company also said that company director Michael Barker has resigned from the board effective Nov.15, 2019.
U.S. senator backs banking law for cannabis businesses
Maine’s independent federal U.S. senator says it’s time for the federal government to update banking laws to reflect the rise of legal hemp and cannabis businesses. Sen. Angus King represents a state where legal adult use marijuana sales are likely to begin in early 2020. He says the U.S. Senate should protect those businesses by passing the Secure and Fair Enforcement Banking Act. King says the bill would make certain that legal hemp and cannabis businesses can have access to the same financial services as any other businesses. He says it’s important for states that have legalized medical and recreational marijuana. King said the changes would also benefit hemp farmers who “have done everything right” but still lack access to financial services. The proposal has already passed the House of Representatives.
- Associated Press
Acreage to acquire New Jersey medical operator
Acreage Holdings, Inc. said it has entered into an agreement to acquire 100 per cent of Compassionate Care Foundation, Inc., a New Jersey vertically integrated cannabis nonprofit corporation. Acreage says CCF’s vertically integrated operations include licenses for cultivation, manufacturing and processing, and three retail dispensaries. “I’m thrilled to finally welcome CCF into the Acreage family,” said Kevin Murphy, chairman and CEO of Acreage. “This reorganization will result in increased access to affordable medical cannabis for New Jersey’s existing patients in short order. Moreover, we have long believed that upon adult-use legalization, the New England and Mid-Atlantic regions will be the preeminent cannabis market in the U.S. and Acreage is best positioned of any U.S. cannabis company to benefit.”