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VANCOUVER, March 4, 2020 /CNW/ - SpeakEasy Cannabis Club Ltd. (CSE: EASY) (Frankfurt: 39H) (the "Company" or "SpeakEasy"), a holder of a federal licence to cultivate, process and sell cannabis under the Cannabis Act, is pleased to announce that it has successfully completed its first harvest.
SpeakEasy received its licence in November 2019 and immediately began preparations necessary to achieve harvest as quickly as possible. A large collection of unique genetic materials were brought on site prior to licensing and together with its craft style small batch techniques, all efforts were made to achieve the best finished product possible. That objective was achieved and the Company is thrilled with the result of all its efforts with this first of many harvests. Founder, Marc Geen stated, "With the help and advice from our featured growers who each bring years of experience, we achieved our first harvest quickly, efficiently and with excellent results. I am amazed with the quality of this first harvest and so proud to be able to prove we can do what we have been promising our investors we can do."
High Quality Matters
A large amount of low-quality product is available in the legal market at the moment and remains unsold. There is high demand and standing orders for high quality product and SpeakEasy has received multiple offers for its first crop from all across the country. Founder, Marc Geen further states, "We have been working with veteran and patient groups eager to become SpeakEasy clients, the quality and consistency just isn't there in the market to satisfy them. Our intent is to bring them the quality they need and have a consistent supply of the strains they desire."
SpeakEasy's plans include achieving its expanded sales licence and working directly with veterans, seniors and advocacy groups that have thousands of patients looking for true high quality product available consistently and at a reasonable price. In addition, the retail distribution model in Ontario, Canada's largest provincial market, are changing and is expected to allow a more direct sales model between Licence Holder's and the retail stores. SpeakEasy believes that it will benefit from this new model due to its BC roots, authentic craft-style grow and high quality product. Founder, Marc Geen states, "High quality cannabis will never go out of style and will not become a commodity. Although there is a glut of product on the market at the moment, it's a glut of low quality, greenhouse grown material that averages many months old. We have and will always produce the highest quality product grown in the traditional BC craft grow style that has achieved a reputation for world class cannabis."
About SpeakEasy Cannabis Club Ltd.:
SpeakEasy Cannabis Club Ltd. holds a cultivation, processing and sales licence issued by Health Canada under the Cannabis Act. SpeakEasy owns 290 acres of land in Rock Creek, British Columbia, 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. SpeakEasy cultivates small batch, high quality craft cannabis in its 10,000 square foot indoor facility and has recently completed the development of its 60-acre outdoor field. The Company's intention, upon receipt of an amendment to its current licence to include the outdoor cultivation area, is to produce approximately 70,000kg of outdoor, sun grown cannabis in 2020.
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 expectations with respect to changes in the Ontario distribution model and the Company's ability to benefit therefrom, its plans to work with veterans, seniors and advocacy groups and its intent to produce and sell high quality craft cannabis, its expected production output upon receipt of an amendment to its current license and the timeframe associated with such production output, 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 and hemp industries and markets in Canada and generally; the demand for CBD distillate, cannabis and cannabis related products, the ability of SpeakEasy to implement its business strategies; competition; the ability of SpeakEasy to obtain and retain all applicable licences under the Cannabis Act 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.