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 is excited update its shareholders on the progress of its pre-rolled joints production and sales. SpeakEasy has achieved its projected maximum production of its indoor flower, extracts and pre-rolled joints and is fully sold out for the foreseeable future.
SpeakEasy is excited to report on the progress of its product and sales. The Company has achieved its projected maximum production of its indoor flower, extracts and pre-rolled joints and is fully sold out for the foreseeable future. Our partner, RC Frontier Labs Ltd, recently received state of the art equipment, valuing over approximately CAD $300,000 and expects it to be fully operational in early July. Pursuant to our agreement with Frontier, this provides the ability to increase production and more than quadruple the Company’s current production capacity for extracts. Demand has exceeded management’s expectations and efforts are being made to increase production to keep up.
Founder Marc Geen states, “We are in the enviable position of having our product in such high-demand whereby we can’t keep up. Our indoor flower is completely sold out and all indoor harvests are spoken for until the end of our forecast period, approximately 3 months. Our extraction lab is running triple shifts, seven days a week and its production is completely sold out, in addition, our pre-rolled joints are also sold out. It’s a great problem to have and is a testament to our foundational beliefs, providing high quality products at reasonable prices will attract and keep customers. We are working hard to increase production across the board and making great strides, a necessity as we are aiming to enter multiple provinces in the near future that we expect, will vastly increase sales”.
Price and Quality
Speakeasy has been able to take its high-quality, economical input material, combined it with in-house processing and packaging and create a product that can be aggressively priced to compete at levels on par or below any currently in industry, all while maintaining a healthy profit margin. Research shows the pre-roll segment of the market has been steadily increasing month over month and is projected to continue growth. SpeakEasy is positioned to be a strong competitor in all provinces with its current sales showing a demand that has exceeded management’s expectations.
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. Total yearly production of cannabis flower and biomass is projected to be in excess of 70,000 kilograms per year once in full production.
On behalf of the Board of the Directors
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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 expectations concerning the new equipment, orders and the anticipated timing of receipt of such equipment and the impact such equipment will have on production capacity; its expectations regarding its ability to be a strong competitor and 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, 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.
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