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VANCOUVER, Aug. 1, 2018 /CNW/ - SpeakEasy Cannabis Club Ltd. (CSE : EASY) (Frankfurt : 39H), a late stage ACMPR applicant, today announces its plans to begin work on its ﬁrst 60 acre outdoor plantation and process facility in Rock Creek BC for the spring of 2019. If we successfully complete 2,600,000 square feet of planned outdoor production area in its phase one plantation, SpeakEasy would be among the largest producers in Canada. Speakeasy is also planning an additional 60 acres in its phase 2 expansion slated for the spring of 2020 that could double its production capabilities. Marc Geen, CEO states, "The recent release of regulations allowing outdoor production is a dream come true for us. It has always been our plan to grow outdoors on a large scale, but we did not expect regulations to allow it to happen this soon. The climate here in Rock Creek is absolutely perfect for growing cannabis outdoors and we are thrilled at the opportunity to begin as soon as possible." Development cost are forecast to be under $10.00 per square foot for the outdoor plantation and processing facility, by comparison, greenhouse and indoor facilities cost approximately 20 to 30 times more per square foot.
We anticipate SpeakEasy's projected outdoor production costs to be roughly 1/4 the cost of the current industry average of $1.00 - $1.75 per gram for greenhouse product and $2.00 per gram or more for indoor. Part of our low cost structure stems from the fact that we will not have the same infrastructure or power requirements for production when compared to indoor. SpeakEasy will be able to utilize the bulk of the outdoor product for extraction and use in value added products expected to be allowed in the market next year. The remainder can be allocated to our strategic partners in Canada and Germany to fulﬁll our existing sales and distribution agreements.
SpeakEasy is also pleased to announce its intent to pursue a nursery license under the cannabis act with the intent of partnering with our featured growers and other genetic experts within the industry. SpeakEasy has secured a large catalogue of highly sought-after genetics for use within the company and for development and sale to licensed producers once the cannabis act takes eﬀect in October 2018.
SpeakEasy continues to focus on the highest quality craft grown cannabis for its ﬂower sales by entering into partnerships with its 5 selected growers, each of them amongst BC's best and most experienced growers. By combining turn-key facilities, total oversight for QA and corporate SOP's SpeakEasy's system will allow our featured growers to focus on what they do best, grow the ﬁnest quality ﬂower possible.
About SpeakEasy SpeakEasy Cannabis Club is a late stage Access to Cannabis for Medical Purposes Regulations ("ACMPR") applicant that is leveraging three generations of farming experience and the largest land package of LP in Canada to produce the highest quality, small batch premium cannabis products. Set on 290 acres of the best agricultural land in Rock Creek, British Columbia, the 10,000 square foot optimized, indoor facility allows for the growth, production, and cultivation of premium small batch cannabis. SpeakEasy now represents a collective of the top cannabis growers in Canada, who have spent their lives perfecting the production of premium products.
Construction has commenced on an 80,000 square foot expansion facility, which will include growing, extraction and genetics labs. Completion for the expansion is projected for fall/winter 2018.
For more information visit: https://speakeasygrowers.com/
ON BEHALF OF SPEAKEASY CANNABIS CLUB LTD.
(signed) "Marc Geen"
Chief Executive Officer
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 the construction of phase one and two of its outdoor plantation and process facility, anticipated costs to develop the outdoor plantation and process facility, projected production costs for cannabis produced I in the outdoor plantation and process facility, SpeakEasy's plan pursue a nursery license under the Cannabis Act and its intent to partner with growers and genetic experts, SpeakEasy's intent to develop and market a line of genetics for distribution within Canada, SpeakEasy's plan to obtain a license under the ACMPR, SpeakEasy's intention to build-out its expansion facility and the inclusion of growing, extraction and genetics labs at such facility, and all other statements that are not historical facts. 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. Such factors and risks include, among others:
- SpeakEasy may require additional financing from time to time in order to continue its operations; financing may not be available when needed or on terms and conditions acceptable to SpeakEasy;
- there is no assurance that SpeakEasy will obtain the requisite approvals, including those required by Health Canada;
- new laws or regulations could adversely affect SpeakEasy's business and results of operations; and
- competitive, regulator and other factors may adversely impact SpeakEasy's ability to accomplish its business objectives, including with respect to the build-out of its expansion facility.
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: Speakeasy Cannabis Club Ltd., www.speakeasygrowers.com, Telephone: 1-250-449-1773