Vancouver, B.C. – 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 delighted to announce it has received an amendment to its licence from Health Canada for its 2.6 million square foot outdoor field.
With the amendment, SpeakEasy expands its licenced cultivation area from 10,000 square feet to over 2.6 million square feet, an increase of over 250 times larger. Founder, Marc Geen states, “We have been eagerly awaiting the day we could grow outdoors. With the favourable climate here in Rock Creek, the advantages we have due to our location can not be overstated. Being licensed to grow in our 60 acres of outdoor grow area puts us in a position to be a global leader in the cannabis industry due to our size, location and efficiency.”
Rock Creek’s Unique Climate Offers Efficient Low Cost Production
Two key elements to any type of farming are the climate and the genetics a farmer has to work with. SpeakEasy’s facilities are strategically located in Rock Creek, British Columbia, which the Company believes has one of the best climates in Canada in which to grow cannabis. The southern interior of British Columbia offers an arid climate with a warm summer and fall with very little rainfall, each a critical element for large scale outdoor production of cannabis in Canada. Excellent climate with excellent genetics is a winning formula and SpeakEasy believes its genetics are second to none. With the receipt of the amendment to our licence, SpeakEasy believes that it now has all pieces in place to plant its outdoor field commencing this spring. SpeakEasy anticipates that its first crops will be planted with proven varieties, that have been grown in licenced personal medical operations in the southern interior of British Columbia for many years.
Over 100 Years Combined Farming Experience Brings It All Together
SpeakEasy’s agricultural know-how comes from a combination of the large-scale commercial agriculture experience of the Geen family and its collective of cannabis growers that bring over 100 years of combined experience. The experience of these growers enabled the Company to bring its first crop to harvest in March 2020, passing all testing criteria with an over 20% THC level and an average of 3.14 pounds per light, well above the industry average and 25% above our own projections. “This wisdom and knowledge have been fundamental and a cornerstone to everything SpeakEasy does”, says founder, Marc Geen. Mr. Geen, further states, “without our growers and their vast knowledge of cannabis, our facilities would be just like any other group of nice buildings. Combining their knowledge and giving them everything they need to grow, with the addition of our outdoor facility, together, creates what we believe to be a winning combination.”
A New Global Player
Cannabis production costs in the Canadian indoor or greenhouse facilities range, depending on the cultivation method, from $0.50 cents per gram to over $2.00 dollars per gram. SpeakEasy’s projected cost of outdoor-grown flower is less than $0.10 cents per gram, giving the Company the opportunity to provide sun-grown flower at a price point that the Company believes will be among the lowest in the industry. Additionally, extract materials suitable for all forms of value-added products are expected to cost less than $0.04 cents per gram to produce at SpeakEasy’s outdoor production field. “The scale and cost efficiency of the operation opens the opportunity to be competitive in domestic as well as global markets. “BC Bud” is a globally recognized brand and for good reason, leveraging that established brand, combining our high quality, eco-sensitive farming practices and projected industry-leading low cost of production, we believe we have a very bright future ahead of us” says SpeakEasy CEO, Bin Huang.
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 has recently completed the development of its 60-acre outdoor field. The Company expects to plant its outdoor cultivation area commencing the Spring of 2020, and to produce approximately 70,000kg of outdoor, sun grown cannabis in 2020.
For more information about SpeakEasy, visit www.speakeasygrowers.com
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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 plant its outdoor crops and the timeframe associated with such planting, 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 expectations that it will produce cannabis at a cost per gram that is among the lowest in the industry; its expectations regarding the climate, 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.