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VANCOUVER, BC, Sept. 24, 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 the initiation of its outdoor harvest on one of the largest single outdoor cannabis crops in Canadian history and an extension on the warrants set to expire September 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, September 21st, we began the harvest of our outdoor campus. The conditions this summer have been favorable and as expected, in conjunction with our incredible genetics, we are now harvesting a bumper crop that we couldn't be happier about. Founder Marc Geen, states, "I am absolutely thrilled to have started the harvest of our outdoor grow, its 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 3-4 weeks and will yield flower and extract material suitable to make any concentrate the market demands.
On September 28, 2018, the Company issued an aggregate of 3,863,804 units (the "2018 Units"). Each 2018 Unit was comprised of one common share in the capital of the Company (a "Common Share") and one-half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder to acquire an additional Common Share at a price of $1.00 per share until September 28, 2020. In accordance with the policies of the Canadian Securities Exchange (the "CSE"), 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 September 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 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 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. 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 expectation 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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