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Speakeasy Cannabis Club Ltd
Symbol EASY
Shares Issued 103,279,138
Close 2020-08-25 C$ 0.435
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Speakeasy to start harvest at Rock Creek in five weeks

2020-08-25 06:45 ET - News Release

Mr. Malcolm Davidson reports

SPEAKEASY IS FIVE WEEKS AWAY FROM HARVESTING ONE OF THE LARGEST SINGLE OUTDOOR CANNABIS CROPS IN CANADIAN HISTORY

Speakeasy Cannabis Club Ltd. has provided an update on one of the largest single outdoor cannabis crops in Canadian history.

Outdoor harvest on schedule

Summer at Rock Creek to date has been warm and dry allowing the plants to enjoy an uninterrupted period of vigorous growth. With planting completed since mid-July, Speakeasy has shifted its focus to preparations for harvest, which is expected to begin in a few short weeks. Founder Marc Geen stated: "I am happy to report that plants are looking very green and healthy. The team is busy preparing for the harvest this fall, which we believe will be one of the largest single legal outdoor cannabis harvests in Canada ever, and the excitement around here is palpable."

Summer 2020 in Southern British Columbia has lived up to its reputation so far, delivering long hot dry days with plenty of sunshine, a great combination for growing strong healthy plants. With the company's incredible genetics and perfect climate, Speakeasy expects a bumper crop starting early this fall.

Five weeks until harvest begins

In approximately five weeks the harvest will begin. Free from any ailments at this stage, the plants look beautiful and healthy. Bud production is in full swing and coming along on schedule. The use of three different cannabis varieties and three different planting styles will extend the duration of harvest, allowing the company to have a manageable amount of daily harvest. Mr. Geen stated: "Bud development is progressing very well and the pungent aroma of spicy fruit is filling the air. For any farmer, the harvest season is always exciting, a year's worth of effort finally paying off and the worry of having a crop in the field finally coming in is a huge relief. The 10,000 things all having to happen and happen at the right time to have a successful crop is a daunting task looking at them from the beginning of the season but walking through the field, seeing the fruits of all our labour makes every long-day, late-night struggle, frustration, bruise and blister all worth it. I wish everyone could experience a stroll through a blooming, sweet smelling cannabis field on a warm, late summer's evening, it is truly magical."

Outdoor harvest addresses a changing market

With market conditions changing and growing as consumers become more discerning, the importance of Speakeasy's outdoor crop becomes clearer. The bulk of the outdoor crop is perfect for creating concentrates and value-added products, a fast-growing segment in the Canadian market. "The high-quality, cost-effective input material we will have in a few short weeks is only possible because of our climate, genetics and knowledgeable growers that put it all together. We believe that this material will allow us to enter into any segment of the market with a price and quality advantage," stated Mr. Geen.

Cultivation strategy is positioned for sales in a mature market

The importance of securing sales contracts is paramount to any company in this sector and it is of high importance here at Speakeasy. Quality, consistency, unique flower strains and products are what consumers are after in this ever-more-competitive industry and Speakeasy has been addressing those demands from the beginning. As the industry matures, it becomes more clear why the company has been on this path from day 1, starting with a huge library of genetics, selecting growers with a record of success, building facilities to those growers' specifications, bringing in extraction capabilities and experts to apply their trade, and, of course, the massive outdoor operation. All of these things designed specifically to provide exactly what the consumer wants.

Milestones

Speakeasy has several goals that it anticipates coming to fruition this year. Its first outdoor harvest, commencing in approximately five weeks, first sales of flower and concentrates, approval and licensing of its new buildings, commencement of additional indoor grow facilities bringing indoor production to over 1,000 kilograms per month, extraction and creation of concentrates and value-added products, sales of those products, and achieving its amended sales licence. All of these things have been years in the making and all are expected to come to fruition later this year upon receiving the appropriate approvals and amendments from the relevant regulatory authorities. The company looks forward to updating its shareholders on these and many other exiting developments that the company is working on over the next few months.

A word from the company's founder

Mr. Geen stated: "Speakeasy has been extremely busy, diligently building this business for our shareholders for several years now, holding fast to our vision and goals with the belief that building a real business is the best way to serve our shareholders and the best path to success. Speakeasy seems to be an enigma within this industry. It seems like our path should be a well-beaten one, produce what the people want at a price they can afford, not a novel concept but a concept that seems very rare in the industry today. We have built the infrastructure, we have the genetics, we have the climate and the expertise to make it all perform. In short, we've taken a vision based on creating what people want and what they can pay for it, and built it, literally with our own hands, and now it's time for everyone to know about it. Thank you all for your undying, unwavering support of the Speakeasy dream."

About Speakeasy Cannabis Club Ltd.

Speakeasy 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 British Columbia, 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 its licensed 60-acre outdoor field.

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