SpeakEasy Receives Amendment to its Sales Licence from Health Canada to Sell Extract Products

Published: September 3, 2021

SpeakEasy Receives Amendment to its Sales Licence from Health Canada to Sell Extract Products

SpeakEasy Cannabis Club Ltd., a holder of a federal licence to cultivate, process, and sell cannabis under the Cannabis Act is pleased to announce that it has received an amendment to its sales licence that allows the sale of concentrates, edibles and topicals directly to the medical and recreational markets in Canada.

About the Sales Amendment
Health Canada has amended SpeakEasy’s current licence to include authorization for the Company to sell additional classes of cannabis including extracts, concentrates, topicals and edibles. The amendment also allows the Company to sell extracts, concentrates edibles and topicals into the recreational market and also directly to medical patients. This amendment allows the Company to ship products across the country into one of the fastest growing product categories in the Canadian cannabis market.(2)

Founder, Marc Geen states, “This is a major milestone for SpeakEasy, becoming as vertically integrated as possible, in order to be efficient and cost effective has been a goal from the beginning and achieving this licence, was an extremely important piece of that strategy. With our huge low-cost outdoor grow facility, our on-site lab, on-site packaging fulfilment and finally sales and distribution direct to the consumer and recreational market, we now have everything we need to bring our high quality and low-cost products directly to market. With this final piece, our brands can come to life, the journey of fulfilling our vision of becoming a recognized brand in the industry, can begin.”

Consumer Facing Brands
As SpeakEasy continues to build on its agricultural success, the focus has never shifted from the opportunity in establishing consumer brand loyalty. The agricultural foundation that the Company has achieved is a critical steppingstone into this next phase. The stage is set, as SpeakEasy continues to build on its core principles – product quality, respecting the culture and achieving a competitive price point. The Company believes that the Canadian cannabis market is years from maturity and full of opportunity and is excited about this next phase of their business.

Additional Revenue Stream
The amendment to SpeakEasy’s licence allows the Company the opportunity to pursue additional revenue streams in addition to the established business-to-business sales, with potential for increased margins and more consistent cash flows. The business will continually seek innovative ways to establish new revenue streams in the evolving market while building strong relationships.

Extracts Processing Infrastructure
SpeakEasy continues to process its 2020 outdoor harvest into a variety of extract products. The Company anticipates processing the remainder of the yield before the end of the calendar year. The onsite extraction facility is fully operational and has the ability to produce up to 250 KG of concentrates per month, or 3,000,000 grams per year and is capable of covering the entire spectrum of the extraction market. The Company anticipates processing it’s estimated 144,000 KG 2021 outdoor harvest within a 12 month period.

SpeakEasy has been dedicated to building a solid portfolio of extraction assets to compete with the rapidly growing extracts market. The Company is excited to increase its line of value-added products while continuing to increase margins. SpeakEasy extracts brands will focus on delivering high-quality extracts to the consumer market. This sales licence amendment brings SpeakEasy one step closer to becoming one of Canada‘s leading cannabis companies.

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 favourable location to grow and process high-quality cannabis products at low cost. SpeakEasy cultivates small batch, high quality craft cannabis at scale in a portion of its 63,200 square foot indoor cannabis complex and has completed its harvest of its 60-acre outdoor field. Total yearly production of cannabis flower and biomass is projected to be in excess of 144,000 kilograms in 2021.

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