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Shell Summary for Nov. 18, 2019

2019-11-18 21:22 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange closed down 3.66 points to 524.92 Monday. Vincent Gasparro and Michael Galego's second capital pool shell, Apolo II Acquisition Corp., has closed its qualifying transaction. The shell has acquired Terrace Inc., a hemp grower and an aspiring marijuana grower with interests in Uruguay, Portugal and Spain. Today, the resulting issuer began trading as Terrace Global Inc. (TRCE: $0.15). Its stock opened at 30 cents but then declined, closing at 15 cents on 56,300 shares.

Terrace has a wholly owned subsidiary called Pharmabinoide SL, which has so far harvested its first hemp crop in Spain and is now working on its second harvest cycle. This Spanish subsidiary has applied for a licence to grow medical marijuana. Terrace has another wholly owned subsidiary, Terra Nova Producao e Comercializacao de Produtos Naturais e Farmaceuticos Lda., which is planning to build a 350,000-square-foot greenhouse in Portugal for growing medical marijuana. This Portuguese subsidiary aims to complete construction of the greenhouse in the third quarter of 2020. Terrace has a third wholly owned subsidiary, Oransur SA, which has so far harvested its first hemp crop in Uruguay. Finally, Terrace owns 33.75 per cent of the shares of Faises SA, a recreational marijuana grower in Uruguay.

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