SpeakEasy Provides Corporate Update

Published: March 24, 2020

SpeakEasy Provides Corporate Update

SpeakEasy Cannabis Club Ltd., a holder of a federal licence to cultivate, process and sell cannabis under the Cannabis Act, is pleased to provide an update to our stakeholders during these challenging times. Work is continuing in Rock Creek and will continue for the foreseeable future in the cultivation facility and on the construction site. Our incredibly dedicated and resourceful staff are diligently continuing work growing, harvesting, preparing for the outdoor spring planting and on the construction site.

SpeakEasy has adapted and implemented protocols and standard operating procedures to help prevent the potential spread of the coronavirus within our family of workers here in Rock Creek and corporate staff in other parts of B.C.
Given the high level of cleanliness and contamination prevention we maintain within our licensed facility, it is a natural transition for us to adapt many of those procedures to all staff outside the facility. Safety meetings, information sessions, training and oversight is provided to all of our employees to maintain the highest level of readiness possible.

Personal protection equipment, cleaning supplies, hand sanitizer and other critical supplies have been stocked up and we are prepared for the long haul. Given our geographical location and its relatively isolated nature, we feel, with an extreme effort directed towards monitoring and prevention, we are prepared to get through this event without significant interruption. Founder Marc Geen states, “We are confident, through diligent work and preparation we can achieve the goals that we have set out to accomplish this year despite the additional challenges we now face.”

Our Family of Employees
The lifeblood of any company is its employees and that fact is made even more clear during times like these. Protecting the family and offering everything required to support each person individually so that each person can then in turn support the company creates an environment of cooperation, trust and reliance on each other. Bin Huang, CEO says, “We are taking this situation extremely seriously and doing our best to use it as a positive team-building experience, to protect our operations as well as our staff. ”

Licensing Update
Health Canada has informed us they have moved to working from home to help prevent the spread of the Coronavirus. We have had very positive communication with Health Canada over the last two weeks and expect that to continue. Given information currently available to us, we expect an amendment to our current license to be approved for our 60-acre outdoor field within the next two weeks. We have been preparing the starting material to be ready for a spring planting and everything is on track.

Harvest Update
Founder Marc Geen states, “I am so proud of the SpeakEasy grow team that pulled off the first harvest of beautiful product at an average of 3.14 pounds per light, all of our financial models were created based on 2.5 pounds per light. Never being satisfied though, we still have work to do to reach our internal goal of averaging 3.5 pounds per light, a goal I am confident we will achieve.”

Valuation Update
A recently completed professional valuation of the SpeakEasy property is expected to come in at $22,500,000.  Upon completion of the valuation, Speakeasy will be in a position to seek additional financing to complete all projects and achieve revenue.  Founder Marc Geen says, “We are in the home stretch for all of our projects, completing them all this year is an achievable goal even in these challenging times. With our first harvest in, our additional buildings nearing completion, our outdoor field completed and soon to be licensed, we are poised to have an incredible year.”

From all of the SpeakEasy family to all of you our cherished shareholders
Stay safe, stay positive we will get through this together. Founder Marc Geen further states, “You may have some questions you would like answered, we will do everything we can to dedicate time to answer any queries you may have. Additionally, we will be organizing a question and answer period here on the ranch, details to follow. Our thoughts are with you all my friends, stay safe.”

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.

For more information about SpeakEasy, visit speakeasygrowers.com.