SpeakEasy is Five Weeks Away From Harvesting One of the Largest Single Outdoor Cannabis Crops in Canadian History
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VANCOUVER, BC, Aug. 25, 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 one of the largest single outdoor cannabis crop 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, states "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 B.C. 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 our 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 us to have a manageable amount of daily harvest. Marc Geen states, "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 ten thousand 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 summers 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 Founder, Marc 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 we have been on this path from day one, starting with a huge library of genetics, selecting growers with a track 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.
SpeakEasy has several goals that we anticipate coming to fruition this year. Its first outdoor harvest, commencing in approximately 5 weeks, first sales of flower and concentrates, approval and licensing of our 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 our amended sales license. 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. We here at SpeakEasy look forward to updating our shareholders on these and many other exiting developments that we are working on over the next few months.
A Word From Our Founder
Marc Geen states, "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 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 five generations of farming experience in B.C. as well as its favorable 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 is approaching 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. Total yearly production of cannabis flower and biomass is projected to be in excess of 80,000 kilograms per year.
Forward Looking Statement
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 expected harvest date, its expecatation of producing a bumper crop, its expectations concerning first sales of flower and concentrates, approval and licensing of new buildings and commencement of additional indoor grow facilities, its expectations concerning production volumes, its expectation that it will commence extraction and creation of concentrates and value added products, expectations regarding the sales of those products, expectations concerning obtaining an amended sales license and the timing thereof, and its intent to produce and sell high quality craft cannabis, 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; COVID-19, 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.
SOURCE Speakeasy Cannabis Club Ltd.
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