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Speakeasy Cannabis Club Ltd
Symbol EASY
Shares Issued 109,513,429
Close 2020-09-23 C$ 0.485
Recent Sedar Documents

Speakeasy starts harvesting outdoor cannabis crop

2020-09-24 07:00 ET - News Release

Mr. Malcolm Davidson reports

SPEAKEASY INITIATES THE SEASONS HARVEST AND EXTENDS WARRANT EXPIRY DATE

Speakeasy Cannabis Club Ltd. has initiated its outdoor harvest on one of the largest single outdoor cannabis crops in Canadian history. It has also arranged an extension on the warrants set to expire Sept. 28, 2020, for an additional 12-month period.

Outdoor harvest has begun

The team has worked diligently and around the clock to achieve this significant milestone. On Monday, Sept. 21, the company began the harvest of its outdoor campus. The conditions this summer have been favourable and as expected, in conjunction with the company's incredible genetics, the company is now harvesting a bumper crop that it could not be happier about. Founder Marc Geen stated: "I am absolutely thrilled to have started the harvest of our outdoor grow; it's been a long road and I'm happy to report the quality of the bud has exceeded all my expectations. It's all hands on deck as we tackle this next challenge here at Speakeasy and, as anticipated, everyone has pulled together making an extremely difficult process seem easy. As always I am so proud of our dedicated group of talented hard working employees; without them we would have nothing but a bunch of good ideas." The harvest is expected to continue for the next three to four weeks and will yield flower and extract material suitable to make any concentrate the market demands.

Warrant extension

On Sept. 28, 2018, the company issued an aggregate of 3,863,804 units. Each 2018 unit comprised one common share in the capital of the company and one-half of one common share purchase warrant. Each warrant entitles the holder to acquire an additional common share at a price of $1 per share until Sept. 28, 2020. In accordance with the policies of the Canadian Securities Exchange, the company has extended the expiry date of the warrants for an additional 12-month period, such that the new expiry date of the warrants will be Sept. 28, 2021. The CSE granted the company an exemption from the requirement set forth in Section 7.4.1(d) of CSE Policy 6 that 10 trading days remain prior to the original expiry date when applying to amend the terms of the warrants.

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 five 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 at scale currently in its 10,000-square-foot indoor facility and has initiated the harvest of its 60-acre outdoor field. The company's intention, upon receipt of an amendment to its current licence, is to include 53,000 square feet of additional indoor cultivation and process area.

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