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Speakeasy Cannabis Club Ltd
Symbol C : EASY
Shares Issued 42,760,686
Close 2018-05-29 C$ 1.17
Recent Sedar Documents

Speakeasy signs MOU with HerbaMedica for German exports

2018-05-29 16:19 ET - News Release

Mr. Marc Geen reports

SPEAKEASY SIGNS A MOU TO BRING PREMIUM CANNABIS TO GERMANY AND THE EUROPEAN UNION WITH HERBAMEDICA GMBH

Speakeasy Cannabis Club Ltd. has signed a memorandum of understanding with HerbaMedica GmbH to export premium cannabis to Germany and the European Union (EU) markets.

HerbaMedica will buy/distribute a fixed amount of products from Speakeasy and Speakeasy will provide this amount every year; initially, this obligation shall last for three years after the binding conclusion of the venture. The aforementioned amount shall be fixed between the parties once the German authorities have granted the licence; and the companies will engage in signing a definitive agreement, with further in-depth details being provided, independent from the allowed amounts according to that licence. In the aforementioned period of initially three years, the partner will only distribute or sell products to or in Germany and the EU through HerbaMedica. "By having HerbaMedica distribute our products throughout the EU, we gain access to a significant amount of possible clientele. Currently, there are only seven approved cannabis importers to Germany; Speakeasy is excited to be a[n] applicant for this opportunity to join this group of selected few," stated Marc Geen, chief executive officer of Speakeasy.

HerbaMedica plans to give Speakeasy access to the German and EU market (to the extent that the latter is included in the access to the German market) with applying and paying for its inspection. The inspection will consist of two stages. Initially, a specialized consulting company regarding the EU GMP (good manufacturing practice) and EU GACP (good agricultural cultivation practice) will inspect the sites and advise on necessary improvements/changes to receive the EU licence. Thereafter, the sites will be inspected by the competent German authorities. The external costs for the inspection will be borne by HerbaMedica; internal preparation/improvement costs of Speakeasy will remain with Speakeasy.

"Speakeasy is a great fit for HerbaMedica because of the extensive knowledge Marc and his team bring to the table in all facets of the cannabis industry. Both our companies' specialties are very complementary to each other," stated David Hohne, chief executive officer of HerbaMedica.

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