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Speakeasy Cannabis Club Ltd
Symbol EASY
Shares Issued 103,279,138
Close 2020-07-13 C$ 0.455
Recent Sedar Documents

Speakeasy applies for Health Canada licence amendment

2020-07-13 07:44 ET - News Release

Mr. Bin Huang reports

SPEAKEASY PROVIDES AN UPDATE ON ITS OPERATIONS

Speakeasy Cannabis Club Ltd. has provided an update on its operations. Since the company's last update on June 8, 2020, Speakeasy has moved forward significantly on many fronts and is excited to share this information with stakeholders.

THC (tetrahydrocannabinol) outdoor harvest

Cultivating one of the largest outdoor cannabis plantations in Canada, planting is near completion in the company's 60-acre outdoor compound, marking an achievement of a significant milestone for Speakeasy. Founder, Marc Geen, states: "Hard work and long hours will help us to reap the rewards of what is set to be an incredible harvest. We are no strangers to hard work and long hours around here, but this year sets a new benchmark. I remain in awe of the dedication and commitment of our crew and the Speakeasy team as a whole and wish to express my deepest gratitude to the team."

"The plants are healthy and growing incredibly well which is a testament to the genetics and good farming practices here on the Golden Mile," said Mr. Geen. Mr. Geen further stated: "Farming isn't always about following a plan to the letter, it's often about a having a rough outline and adapting. We are blessed with a number of experienced growers with decades of experience each that together have seen it all. That experience is drawn on every day and is difficult to express enough the importance having that wealth of knowledge at our fingertips."

Processing plant completed

In May, 2020, the company completed work on the company's processing building and expanded perimeter and it submitted an evidence package and application for amendment to its licence to Health Canada in June, 2020. Once received, the amendment will include 53,300 square feet of indoor production and processing area, an expanded perimeter fence that ties the first building, the outdoor field, and the production and processing area together, bringing Speakeasy's cannabis campus to over 66 acres.

Indoor craft grow to scale up

The process building will provide ample drying processing and secure storage area for this year's outdoor harvest leaving the remaining 40,000 square feet for indoor production. With the amendment to the company's licence expected to be approved by September, 2020, combined with the completion of the company's cannabis complex, Speakeasy will be able to begin full-scale indoor production beginning fall of this year generating an expected 2,000 pounds or more of high-quality indoor flower per month.

CBD outdoor harvest

Speakeasy anticipates entering into a letter of intent with Rock Creek Farms, an entity controlled by Marc Geen, an insider of the company, to secure a large volume of hemp biomass in order to provide a source of CBD for extraction to use in the company's planned line of value-added products upon receipt of the appropriate licence amendment from Health Canada. A large appetite for CBD isolate and distillate exists in Canada and internationally. Excellent climate, mechanized cultivation, harvest and proprietary extraction methods help Speakeasy to supply high-quality extract at prices amongst the lowest in the industry.

Summation

With planting almost completed, Speakeasy will be shifting gears and focusing on growing throughout the summer with an eye on the upcoming harvest this fall. Founder, Marc Geen, states: "The finish line is within sight. It has been a long amazing journey and now our hard work will be rewarded. Watching plants grow, thrive and shift through into flower is magical, I wish everyone could experience it with us. The work is far from completed and we have many challenges in front of us. But with the crew we have assembled, the genetics and our climate in the Golden Mile, Speakeasy is positioned for success. We are in great shape to tackle anything that comes our way and I want to thank all of our family of investors for their continued support. I appreciate all the e-mails from people excited about our progress, we are all in this together and your belief in us is what keeps us all going, thank you all."

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.

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