Monday, March, 20, 2023 08:29:08
Terrace Global, a renowned capital pool company focuses in the acquisition as well as development of international cannabis assets, has reportedly gained a new market growth opportunity as medical cannabis gets legalized in Brazil. National Agency for Health Surveillance (Anvisa) of Brazil approved the sale and import of medical cannabis in the country. However, the government body has restricted cannabis cultivation in the country. Terrace is a major operator of cannabis cultivation in Uruguay. It owns a hemp cultivation facility spanning 150 acres. It also owns approximately 33.75% of one of the two recreational cannabis licenses currently active in Uruguay. As a result, the company is well positioned to be a key participant in the Brazil medical cannabis industry, facilitated by Mercosur, the South American trade contract. CEO and Co-founder of Terrace Global, Ortiz von Bismarck stated that the company welcomes this announcement by Anvisa. With the company’s close proximity to Brazil and considerable cost benefits over Canadian manufacturers, the legalization is a massive opportunity for the company to be an early entrant in the medical cannabis sector of Brazil, the biggest country in South America with a population of more than 200 million. Von Bismarck further added that the company wants to transform itself in a way that would set it apart from other cannabis rival firms in North America. The company has acquired assets in nations where the increasing climate and capex demands enable for a viable business. This strategy that positions the company favorably to benefit from the international liberalization of cannabis laws. Apart from Uruguay, the company operates in Portugal and Spain. Portugal has robust, established social and economic ties with Brazil. These good relations would surely help the company to expand its footprint in Brazil. In fact, the company is building about 350,000 square foot clinical cannabis greenhouse facility in Brazil, outside of Lisbon. Anvisa’s new regulations for medical cannabis trade in Brazil is expected to be published in the nation’s official gazette during the coming days. The regulations would come into effect after ninety days of publishing.   Source credit: