ROCK CREEK, BC – December 7, 2021 – 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 to announce the first sale of its diamonds infused pre-rolls.
Infused pre-rolls sales
Infused pre-rolls involve several types of productions and processes to make the product, each of which SpeakEasy does very well and at a very low price point. The infused pre-rolls will be entering the market at what we anticipate will be some of the most competitively priced product. The Company’s current sales projections anticipate an increase of over 600,000 pre-rolls per month, within the next 4 months.
What are Infused pre-rolls
A product that has shown a massive amount of popularity in legal states in the United States is finally approved here in Canada. An infused pre-roll is a product that takes high-quality flower and is combined with extremely high THC content concentrates, to boost the overall THC level. The way SpeakEasy accomplishes this is by using its high-quality indoor flower, combining crushed diamonds to the mix. Diamonds are made in our lab from flower grown in our outdoor grow facility making a 96% THC crystal that contains terpenes to add extra smell and taste to the pre-roll.
Marc Geen, SpeakEasy Founder, states, “Being innovative and creating new products is a very important part of the fast-moving cannabis market here in Canada. With Health Canada’s recent change to its regulations allowing legal producers (“LP’s”) to combine flower and extracts together, a new category of products have been created. With our high-quality, low-cost pre-rolls, we are now combining extracts created in our lab made from plants grown in our outdoor operation, allowing us to leverage each level of our low-cost operation. Whenever we can combine multiple levels of input materials, it exemplifies our cost advantage. Within this new and exciting segment of the market, we are not only one of the first, but we plan to be one of the most competitive in pricing due to our capacity, quality and most of all cost advantage. We are currently capable of producing 30,000 pre rolls per day and are looking to be able to double that capacity as expected demand increases.”
Further to Friday’s announcement
SpeakEasy is making every effort to satisfy the previously announced, First Amended and Restated Convertible Loan (the “Loan”) without any dilution. The Lender granted a 6 month deferral on interest payments and the Company expects to be in a position to pay the Loan in its entirety, at maturity, with cash generated from sales, eliminating the need to issue shares. Founder Marc Geen further comments, “On a personal note, I would like to express my gratitude to Deborah, our departing Corporate Secretary. Deborah has been a great asset to us and will be missed both professionally and personally. She will be with us for another three months while we find someone to fill her shoes and will continue to keep things organized around here until then. I wish you all the best Deb, and thank you so much for everything you’ve done, you will be truly missed by us 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 five 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 at scale in a portion of its 63,200 square foot indoor cannabis complex and has completed its harvest of its 60-acre outdoor field.
On behalf of the Board of the Directors
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Statement Regarding Forward-Looking Information
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 intent to file the Financial Disclosure before December 15, 2021, its intent to produce and sell high quality craft cannabis and all other statements that are not statements of historical fact. Although SpeakEasy believes the forward-looking statements contained in this news release are 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 general economic conditions; COVID-19, 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 and hemp industries and markets in Canada and generally; the demand for CBD distillate, 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.