Dr. Bin Huang reports
SPEAKEASY ENTERS INTO LICENSE AGREEMENT WITH PHENOME ONE FOR CANNABIS CULTIVARS AND ANNOUNCES LEADERSHIP TRANSITION
Speakeasy Cannabis Club Ltd. has entered into a licence agreement dated July 14, 2020, with Phenome One Corp. Phenome has one of the largest libraries of unique cannabis strains in the country. The company is also delighted to announce the appointment Malcolm Davidson as chief executive officer of the company.
Pursuant to the licence agreement, Speakeasy has been granted a revocable, non-transferable, non-exclusive, non-assignable, non-sublicensable, indivisible right and licence to propagate, cultivate, harvest, process and breed Phenome cultivars at its Rock Creek facility.
In consideration of the licence agreement, and subject to compliance with applicable laws, including the policies of the Canadian Securities Exchange, Speakeasy has agreed to issue Phenome five million common shares in the capital of the company.
In partial consideration for the company entering into the licence agreement, Phenome will issue to Speakeasy an aggregate 2,484,394 common shares in the capital of Phenome.
The Speakeasy shares and the Phenome shares will be subject to such restricted periods as are required under applicable securities laws and the policies of the CSE. In addition, the Phenome shares shall be subject to a contractual hold period of two years from the effective date of the licence agreement.
Marc Geen, founder of Speakeasy, stated: "This partnership provides Speakeasy with access to over 350 elite live cultivars and over 1,700 unique seed genetics for indoor and outdoor applications. The company will be granted unlimited access to utilize any cultivars in the Phenome library while also allowing unique access to growing, breeding and proprietary propagation. Having such a large and diverse library of amazing varieties will allow us to provide exactly what our customers want, and that, after all, is the whole point. Phenome's rigorous selection process brings out the best in each variety and has allowed them to develop new strains unavailable anywhere in the market. In addition to the genetics, Phenome provides unique growing techniques and methods for each variety saving months of time learning how to bring the best out of the variety."
Speakeasy leadership transition
Speakeasy is pleased to announce the appointment of Mr. Davidson as its chief executive officer.
Dr. Bin Huang, who has served as the company's chief executive officer and director since June, 2019, will resign effective July 31, 2020. It is expected that Dr. Huang will remain a key strategic adviser to the board of directors of the company to help facilitate a smooth transition.
Said Dr. Huang: "Having completed the most significant licensing milestones, recruited a qualified successor with a CFO's skill set and CEO leadership, as well as corporate governance and capital market experience, it is time for me to move on to new opportunities and challenges. It has been personal and professional privilege to serve as the CEO of Speakeasy." Marc Geen, founder, stated: "On behalf of the company, I would like to state how grateful we have been to have had Bin join us and share her knowledge and leadership and we wish her the very best in the next chapter of Dr. Huang's professional career. The Speakeasy team is pleased to welcome Mr. Davidson to the challenge of leading the company forward to achieve its next milestones."
Mr. Davidson is an outgoing and dynamic corporate executive with nearly 20 years of experience operating, financing and developing Toronto Stock Exchange- and New York Stock Exchange-listed mining companies. Mr. Davidson is also currently the chief financial officer of Enduro Metals Corp. Further, Mr. Davidson spent eight years as chief financial officer with Avino Silver & Gold Mines Ltd., helping to develop and advance the gold, silver and copper producer's projects in Mexico and Canada. Also, during his tenure with Avino, Mr. Davidson held the position of chief financial officer of Coral Gold Resources Ltd., where he played a key role in a significant corporate transaction with Barrick Gold Corp. He has also held senior positions with several other privately held and publicly traded companies.
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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