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VANCOUVER, June 27, 2019 /CNW/ - SpeakEasy Cannabis Club Ltd. (CSE: EASY) (Frankfurt: 39H) (the "Company" or "SpeakEasy") is pleased to announce the repositioning and new appointments of its Board of Directors in anticipation of receiving its license from Health Canada.
Marc Geen will resign as the Company's CEO and the position will be filled by Dr. Bin Huang. Bin, former President and CEO of Emerald Health Therapeutics Inc., comes with a wealth of knowledge and experience in this industry. Marc Geen states, "We are so pleased and privileged to have Bin join SpeakEasy as our CEO, both for the near and long term visions of our Company. With her extensive experience in strategy, business development, public markets and operations in this industry, Bin is an incredibly valuable addition to our team". Geen further states, "I will be temporarily moving to the Advisory Board as we move through the final stages of the Health Canada approval process". Health Canada rules state that security clearances must be issued to the directors and officers of the corporation or to any individual who exercises, or is in a position to exercise, direct control over the corporation.
Further, the Company announces the following additional changes to its management, Board of Directors and its Advisory Board:
Dave Cross will resign as the Company's current Chief Financial Officer however, the day to day financial operations will remain with his firm, Cross Davis and Co. The acting Chief Financial Officer position will be filled by Patrick Geen, who has been involved with the Company since its inception. Along with being appointed to the Board of Directors, Pat is also the Company's Head Grower.
Zena Prokosh has been involved in the project since 2016, in the capacity of Quality Assurance/Quality Control. Along with operational industry experience since 2013, Zena will fulfill her position on the Board by delivering a wealth of knowledge in taking Companies through the Health Canada licensing process. Marc Geen states, "Adding Zena to our Board is a great natural fit with the Company. She has been intimately involved in the development of the property and is an integral part in the growth of the Company".
Along with Marc Geens resignation as CEO and board member, Brian Peery, President and board member, Alexander Kaulins, CTO and board member, and Jeremy Ross, board member, will resign from their directors' and officers' positions and join Marc Geen on the Company's Advisory Board. Mervyn Geen resigns as board of director and Chairman of the Board. Mervyn Geen states, "It is time for me to watch the success of the generations as they continue on the legacy of farming. This has been an exciting venture and it has been a pleasure to be a part of the growth. I am confident the time couldn't be better than the present to pass over the reins".
In connection with her Employment Agreement, Dr. Huang is entitled to receive, in addition to her salary and in accordance with applicable laws (including the policies of the Canadian Securities Exchange (the "CSE"), incentive stock options. The Company's Board of Directors has approved the grant of an option for up to 1,738,333 common shares of the Company with an exercise price of $0.67/share. The option will expire 5 years from the date of grant.
The Company sincerely thanks the foregoing for their contributions to date. With the changes above implemented, SpeakEasy believes it has reached full compliance for meeting the Health Canada rules for licensing.
About SpeakEasy Cannabis Club Ltd.:
SpeakEasy is a late stage applicant under the Cannabis Regulations that is seeking to leverage three generations of farming experience in B.C. to produce high quality, small batch cannabis products once it obtains a license to do so. The Company currently owns 290 acres of land in Rock Creek, British Columbia. The Company's 10,000 square foot indoor facility will allow for the growth, production, and cultivation of small batch cannabis if and when the Company obtains a license from Health Canada. Construction has also commenced on an 80,000 square foot expansion facility with completion projected for Q2/Q3 2019 along with its 2,613,600 sq ft of outdoor cultivation being developed in anticipation of the 2019 season.
This news release contains statements that constitute "forward-looking statements." Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause SpeakEasy's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.
Forward-looking statements in this document include statements concerning SpeakEasy's intent to obtain a license under the ACMPR, its intent to produce and sell high quality craft cannabis once it receives a license from Health Canada, its intention to complete construction of its facilities and the timeframe within which the construction of such facilities will be completed and all other statements that are not statements of historical fact.
Although SpeakEasy believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by their nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements.
Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; adverse industry events; future legislative and regulatory developments involving cannabis; the Company's ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; the cannabis industry in Canada and generally; the demand for cannabis and cannabis related products, the ability of SpeakEasy to implement its business strategies; competition; the ability of SpeakEasy to obtain all applicable licenses under the ACMPR and other assumptions, risks and uncertainties.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
The Canadian Securities Exchange has not approved nor disapproved the contents of this news release.
SOURCE Speakeasy Cannabis Club Ltd.
For further information: Bin Huang, CEO, [email protected], 1-250-449-1773