SpeakEasy Provides an Update on its Operations
July 13th, 2020
News, Top News
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, BC, July 13, 2020 /CNW/ – SpeakEasy Cannabis Club Ltd. (CSE: EASY) (Frankfurt: 39H) (the “Company” or “SpeakEasy“), a holder of a federal licence to cultivate, process and sell cannabis under the Cannabis Act is pleased provide an update on its operations. Since the Company’s last update on June 8, 2020, SpeakEasy has moved forward significantly on many fronts and is excited to share this information with our stakeholders.
THC Outdoor Harvest
Cultivating one of the largest outdoor cannabis plantations in Canada, planting is near completion in our 60 acre outdoor compound, marking an achievement of a significant milestone for SpeakEasy. Founder, Marc Geen, states, “Hard work and long hours will help us to reap the rewards of what is set to be an incredible harvest. We are no strangers to hard work and long hours around here, but this year sets a new benchmark. I remain in awe of the dedication and commitment of our crew and the SpeakEasy team as a whole and wish to express my deepest gratitude to the team.”
“The plants are healthy and growing incredibly well which is a testament to the genetics and good farming practices here on the Golden Mile”, said Marc Geen. Mr. Geen further stated, “Farming isn’t always about following a plan to the letter, it’s often about a having a rough outline and adapting. We are blessed with a number of experienced growers with decades of experience each that together have seen it all. That experience is drawn on everyday and is difficult to express enough the importance having that wealth of knowledge at our fingertips.”
Processing Plant Completed
In May 2020, we completed work on our processing building and expanded perimeter and we submitted an evidence package and application for amendment to our license to Health Canada in June 2020. Once received, the amendment will include 53,300 square feet of indoor production and processing area, an expanded perimeter fence that ties the first building, the outdoor field and the production and processing area together, bringing SpeakEasy’s cannabis campus to over 66 acres.
Indoor Craft Grow to Scaleup
The process building will provide ample drying processing and secure storage area for this year’s outdoor harvest leaving the remaining 40,000 square feet for indoor production. With the amendment to our license expected to be approved by September 2020, combined with the completion of our cannabis complex, SpeakEasy will be able to begin full scale indoor production beginning fall of this year generating an expected 2000 pounds or more of high-quality indoor flower per month.
CBD Outdoor Harvest
SpeakEasy anticipates entering into a LOI with Rock Creek Farms, an entity controlled by Marc Geen, an insider of the Company, to secure a large volume of hemp biomass in order to provide a source of CBD for extraction to use in our planned line of value added products upon receipt of the appropriate license amendment from Health Canada. A large appetite for CBD isolate and distillate exists in Canada and internationally. Excellent climate, mechanized cultivation, harvest and proprietary extraction methods help SpeakEasy to supply high quality extract at prices amongst the lowest in the industry.
With planting almost completed, SpeakEasy will be shifting gears and focusing on growing throughout the summer with an eye on the upcoming harvest this fall. Founder, Marc Geen, states “The finish line is within sight. It has been a long amazing journey and now our hard work will be rewarded. Watching plants grow, thrive and shift through into flower is magical, I wish everyone could experience it with us. The work is far from completed and we have many challenges in front of us. But with the crew we have assembled, the genetics and our climate in the Golden Mile, SpeakEasy is positioned for success. We are in great shape to tackle anything that comes our way and I want to thank all of our family of investors for their continued support. I appreciate all the emails from people excited about our progress, we are all in this together and your belief in us is what keeps us all going, thank you all.”
About SpeakEasy Cannabis Club Ltd.:
SpeakEasy Cannabis Club Ltd. holds a cultivation, processing and sales licence issued by Health Canada under the Cannabis Act. SpeakEasy owns 290 acres of land in Rock Creek, British Columbia, and leverages three generations of farming experience in B.C. as well as its favourable location to grow and process high-quality cannabis products at low cost. SpeakEasy cultivates small batch, high quality craft cannabis in its 10,000 square foot indoor facility and plans to complete planting its licensed 60-acre outdoor field by mid-July 2020. The Company expects to produce approximately 70,000kg of outdoor, sun grown cannabis in 2020.
For more information about SpeakEasy, visit speakeasygrowers.com.
This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause SpeakEasy’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.
Forward-looking statements in this document include statements concerning SpeakEasy’s intention to complete the planting of its outdoor crops in July 2020, its intent to produce and sell high quality craft cannabis, its expected production output, the costs associated with such output and the timeframes associated with such production output, its expectation that it will receive applicable amendment(s) to its Health Canada license and the timing therefor, its expectations regarding the market size for CBD isolate and distillate, its intention to enter into an agreement with Rock Creek Farms, and all other statements that are not statements of historical fact.
Although SpeakEasy believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by their nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements.
Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with the global Covid-19 pandemic, including the risk that the Company be deemed a non-essential business and asked to temporarily cease operations; general economic conditions; adverse industry events; future legislative and regulatory developments involving cannabis; the Company’s ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; the cannabis industry in Canada and generally; the demand for cannabis and cannabis related products, the ability of SpeakEasy to implement its business strategies; competition; the ability of SpeakEasy to obtain and retain all applicable licences under the Cannabis Act and other assumptions, risks and uncertainties.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
The Canadian Securities Exchange has not approved nor disapproved the contents of this news release.
SOURCE Speakeasy Cannabis Club Ltd.
For further information: Bin Huang, CEO, [email protected], 1-778-668-4339
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