20:48:56 EST Sun 28 Feb 2021
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Speakeasy Cannabis Club Ltd
Symbol EASY
Shares Issued 100,554,138
Close 2020-03-23 C$ 0.32
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Speakeasy expects Health Canada amended licence soon

2020-03-23 07:24 ET - News Release

Mr. Marc Geen reports


Speakeasy Cannabis Club Ltd. has provided an update to its stakeholders during these challenging times.

Work is continuing in Rock Creek and will continue for the foreseeable future in the cultivation facility and on the construction site.

The company's incredibly dedicated and resourceful staff is diligently continuing work growing, harvesting and preparing for the outdoor spring planting and on the construction site.

Speakeasy has adapted and implemented protocols and standard operating procedures to help prevent the potential spread of the coronavirus within its family of workers here in Rock Creek and corporate staff in other parts of British Columbia.

Given the high level of cleanliness and contamination prevention the company maintains within its licensed facility, it is a natural transition for it to adapt many of those procedures to all staff outside the facility. Safety meetings, information sessions, training and oversight are provided to all of the company's employees to maintain the highest level of readiness possible.


Personal protection equipment, cleaning supplies, hand sanitizer and other critical supplies have been stocked up and the company is prepared for the long haul. Given Speakeasy's geographical location and its relatively isolated nature, it feels, with an extreme effort directed toward monitoring and prevention, it is prepared to get through this event without significant interruption. Founder Marc Geen states, "We are confident, through diligent work and preparation we can achieve the goals that we have set out to accomplish this year despite the additional challenges we now face."

The company's family of employees

The lifeblood of any company is its employees and that fact is made even more clear during times like these. Protecting the family and offering everything required to support each person individually so that each person can then in turn support the company creates an environment of co-operation, trust and reliance on each other. Bin Huang, chief executive officer, says, "We are taking this situation extremely seriously and doing our best to use it as a positive team-building experience, to protect our operations as well as our staff."

Licensing update

Health Canada has informed the company it has moved to working from home to help prevent the spread of the coronavirus. Speakeasy has had very positive communication with Health Canada over the last two weeks and expects that to continue. Given information currently available to the company, it expects an amendment to its current licence to be approved for its 60-acre outdoor field within the next two weeks. The company has been preparing the starting material to be ready for a spring planting and everything is on track.

Harvest update

Mr. Geen states: "I am so proud of the Speakeasy grow team that pulled off the first harvest of beautiful product at an average of 3.14 pounds per light, all of our financial models were created based on 2.5 pounds per light. Never being satisfied though, we still have work to do to reach our internal goal of averaging 3.5 pounds per light, a goal I am confident we will achieve."

Valuation update

A recently completed professional valuation of the Speakeasy property is expected to come in at $22.5-million. Upon completion of the valuation, Speakeasy will be in a position to seek additional financing to complete all projects and achieve revenue. Mr. Geen says: "We are in the home stretch for all of our projects, completing them all this year is an achievable goal even in these challenging times. With our first harvest in, our additional buildings nearing completion, our outdoor field completed and soon to be licensed, we are poised to have an incredible year."

From all of the Speakeasy family to all of you, the company's cherished shareholders

Stay safe, stay positive we will get through this together. Mr. Geen further states: "You may have some questions you would like answered, we will do everything we can to dedicate time to answer any queries you may have. Additionally, we will be organizing a question-and-answer period here on the ranch, details to follow. Our thoughts are with you all my friends, stay safe."

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 three generations of farming experience in B.C. as well as its favourable location to grow and process high-quality cannabis products at low cost.

We seek Safe Harbor.

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