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Speakeasy Cannabis Club Ltd
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Shares Issued 100,554,138
Close 2020-04-06 C$ 0.53
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Speakeasy gets HC OK to expand outdoor cultivation area

2020-04-06 06:53 ET - News Release

Mr. Marc Geen reports


Speakeasy Cannabis Club Ltd. has received an amendment to its licence from Health Canada for its 2.6-million-square-foot outdoor field.

With the amendment, Speakeasy expands its licensed cultivation area from 10,000 square feet to over 2.6 million square feet, an increase of over 250 times. Founder Marc Geen stated: "We have been eagerly awaiting the day we could grow outdoors. With the favourable climate here in Rock Creek, the advantages we have due to our location can not be overstated. Being licensed to grow in our 60 acres of outdoor grow area puts us in a position to be a global leader in the cannabis industry due to our size, location and efficiency."

Rock Creek's unique climate offers efficient low-cost production

Two key elements to any type of farming are the climate and the genetics a farmer has to work with. Speakeasy's facilities are strategically located in Rock Creek, B.C., which the company believes has one of the best climates in Canada in which to grow cannabis. The southern interior of British Columbia offers an arid climate with a warm summer and fall with very little rainfall, each a critical element for large-scale outdoor production of cannabis in Canada. Excellent climate with excellent genetics is a winning formula and Speakeasy believes its genetics are second to none. With the receipt of the amendment to its licence, Speakeasy believes that it now has all pieces in place to plant its outdoor field, commencing this spring. Speakeasy anticipates that its first crops will be planted with proven varieties that have been grown in licensed personal medical operations in the southern interior of British Columbia for many years.

Over 100 years combined farming experience brings it all together

Speakeasy's agricultural know-how comes from a combination of the large-scale commercial agriculture experience of the Geen family and its collective of cannabis growers that bring over 100 years of combined experience. The experience of these growers enabled the company to bring its first crop to harvest in March, 2020, passing all testing criteria with an over-20-per-cent THC (tetrahydrocannabinol) level and an average of 3.14 pounds per light, well above the industry average and 25 per cent above the company's own projections. "This wisdom and knowledge have been fundamental and a cornerstone to everything Speakeasy does," said founder Marc Geen. Mr. Geen further stated: "Without our growers and their vast knowledge of cannabis, our facilities would be just like any other group of nice buildings. Combining their knowledge and giving them everything they need to grow, with the addition of our outdoor facility, together, creates what we believe to be a winning combination."

A new global player

Cannabis production costs in the Canadian indoor or greenhouse facilities range, depending on the cultivation method, from 50 cents per gram to over $2 per gram. Speakeasy's projected cost of outdoor-grown flower is less than 10 cents per gram, giving the company the opportunity to provide sun-grown flower at a price point that the company believes will be among the lowest in the industry. Additionally, extract materials suitable for all forms of value-added products are expected to cost less than four cents per gram to produce at Speakeasy's outdoor production field. "The scale and cost-efficiency of the operation opens the opportunity to be competitive in domestic as well as global markets. B.C. bud is a globally recognized brand and for good reason; leveraging that established brand, combining our high-quality, eco-sensitive farming practices and projected industry-leading low cost of production, we believe we have a very bright future ahead of us," said Speakeasy chief executive officer Bin Huang.

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. Speakeasy cultivates small-batch, high-quality craft cannabis in its 10,000-square-foot indoor facility and has recently completed the development of its 60-acre outdoor field. The company expects to plant its outdoor cultivation area commencing the spring of 2020, and to produce approximately 70,000 kg of outdoor, sun-grown cannabis in 2020.

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