Mr. Marc Geen reports

SPEAKEASY CANNABIS CLUB LTD. COMPANY PROVIDES UPDATE TO SHAREHOLDERS

Speakeasy Cannabis Club Ltd. wishes to confirm that since the date of its press release of Nov. 25, 2021, it continues to work toward completing and filing its audited financial statements, and accompanying management discussion and analysis for the fiscal year ended July 31, 2021. It is anticipated that the company will complete the year-end audit and be in a position to make the required filings before the end of January, 2022.

Similar to other companies, Speakeasy has been impacted by COVID-19-related lockdowns, quarantine measures and economic pressures experienced worldwide. Reasons for the delay in filing include: the challenge to complete a portion, as it relates to the rapid growth of company's operations, of the company's annual audit in normal time frames as a result of an increase in complex accounting considerations relating to revenues, cost of sales and inventory. In addition to the challenges surrounding COVID-19, the company experienced another year of significant growth in its range of products available for sale, further complicating the disclosure and reporting requirements of the financial statements.

Consequently, the company has been challenged to fulfill the auditor's requests prior to the filing deadline for the financial disclosure. The preparation and review of the annual filings is substantially complete, and the applicant understands that its auditor is undergoing additional procedures to verify certain transactions.

The company continues to adhere to the management cease trade order (MCTO) previously announced on Dec. 3, 2021.

The company confirms that since the date of the original announcement: (i) there has been no material change to the information set out in the original announcement that has not been generally disclosed; (ii) there has been no failure by the company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in National Policy 12-203 -- Management Cease Trade Orders (NP 12-203); (iii) other than the company's inability to file its financial statements, and accompanying management discussion and analysis for the interim period ended Oct. 31, 2021, until the required filings are made, there has not been any other specified default by the company under NP 12-203; and (iv) there is no other material information concerning the affairs of the company that has not been generally disclosed. The company confirms it will continue to satisfy the provisions of the alternative information guidelines set out in NP 12-203 so long as it remains in default of the requirement to file the required filings.

About Speakeasy Cannabis Club Ltd.

Speakeasy Cannabis Club holds a cultivation, processing and sales licence issued by Health Canada under the Cannabis Act.

Speakeasy owns 290 acres of land in Rock Creek, B.C., and leverages five generations of farming experience in British Columbia 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.

We seek Safe Harbor.