Rock Creek, 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 provides a corporate update.
A Year-end Note From Our Founder, Marc Geen
Another year has come and gone, it is amazing how quickly time passes. Looking back at the challenges we have had as a society over the past year, we can choose to look at it in a couple ways. We can become overwhelmed by it all, or we can choose can see the positives. I am amazed at how our global community has worked through this truly unprecedented time together. It has shown how strong we, as a society, really are, and despite our many differences, we have pulled together, overcoming one difficulty after another. It has shown our character and our resilience persevere, accept things as the new normal, making the very best of it, all the while remaining positive for the future. SpeakEasy is a microcosm of the global society, facing down one challenge after another and coming out stronger and with more resolve after each small victory. It has shown our character, our ability to adapt to whatever is thrown at us and turn it into an opportunity.
We began the year with a clear goal to transition from buildout and development to sales and distribution throughout the year. We also planned and achieved our goal to ramp up production and initiate the processing value added productsfor sale. Developing sales, fulfilling purchase orders, quality control,staff training, equipment acquisition and all the little things involved in sending products out the door and bringing cash in, have been an exciting and fruitful endeavor. Continuing to expand our catalogue and capacity for each product remains ongoing, challenging and honestly, a lot of fun. Going from a maximum daily production of 10,000 pre-rolls a month ago to now hitting over 30,000 in a single day, while reducing cost per pre-roll is very gratifying. Building a business is rarely easy and never seems to go fast enough, but looking back on this year, we have made huge advances on all fronts and we are all so excited for the coming months.
Looking ahead, January looks to be our biggest sales month yet and I believe it will be a game changer for SpeakEasy’s financial picture. Making a decision several months ago to resist any further fund raises to avoid dilution, SpeakEasy has been using cash generated from sales to complete projects and maintain day to day expenses, it has not been “Easy” but I believe it was the right choice. With sales continuing to increase, our financial outlook for this coming year looks bright.
We have many exciting things expected to come early in the new year. We are awaiting Health Canada’s final approval to begin using our 13,300 square foot flowering facility and upon receipt, we expect to initiate full production of our new distillation line, opening additional revenue stream for us. We are also in the final stage of our NDL application and expect to begin psilocybin production early this coming year.
The Christmas Season
This time of year always makes me reflect on all the things that have happened over the past 12 months, and this year, there have been many. The tireless effort from our outstanding staff, the support and input from our incredible group of shareholders is at greatly appreciated and at times, overwhelming. I thank you all and wish everyone a very merry Christmas and all the best in the new year.
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 favorable location to grow and process high- quality cannabis products atlow cost. SpeakEasy cultivatess mall batch, high quality craft cannabis at scale in a portion of its 63,200 square foot indoor cannabis complex and has completed its 2021 harvest of its 60-acre outdoor field.
On behalf of the Board of the Directors
For more information please contact:
Marc Geen, Founder
Forward Looking Statement
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 projections on its monthly sales increases; 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 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 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, including extracts, 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 nor its Regulation Services accepts responsibility for the adequacy or accuracy of this release.