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VANCOUVER , Dec. 6, 2018 /CNW/ - SpeakEasy Cannabis Club Ltd. (EASY.CN) (39H.F) (the "Company" or "SpeakEasy") wishes to clarify the circumstances surrounding the issuance of a management cease trade order on December 3, 2018 (the "MCTO"). The MCTO was issued by the British Columbia Securities Commission (the "BCSC") at the request of SpeakEasy's management. The Company concluded that it would be delayed in filing its audited financial statements and corresponding management's discussion and analysis for the year ended July 31, 2018 (the "Financial Disclosure"). The MCTO was requested, and issued, as a result of the late filing of the Financial Disclosure and not as a result of the Temporary Order and Notice of Hearing issued by the BCSC on November 26, 2018 . SpeakEasy wishes to reconfirm its commitment to ensuring the integrity of the Canadian capital markets. The Company's management endorses a culture that fosters open and transparent dealings with all market participants.
SpeakEasy also announces the addition of Mr. John Karroll to its Advisory Board. John Karroll CEO, President of Trichome Consulting Services Inc. ("TCSI") has been a recognized pioneer and stakeholder in the cannabis industry for 20 + years from commercial consulting, R & D initiatives, dealers licenses and patient services. TCSI provides professional consulting services for the global cannabis industry including with respect to Cannabis Act applications, oil extraction licenses, supplemental licenses, import & export licenses.
John Karroll stated, "The ACMPR LP application for SpeakEasy Cannabis Club Ltd. has been completed, submitted with a comprehensive compliant evidence package to Health Canada and is in final review. This Commercial LP application includes cultivation, processing, extraction, sales plus import & export to global cannabis industry participating companies & countries. The application has also been migrated to the CTLS (Cannabis Tracking and Licensing System). Health Canada has a mandate to expedite the late stage applicants. Based on my experience and in my professional opinion, I expect issuance of SpeakEasy's commercial license in the near term."
TCSI has achieved years of ongoing success with applications submitted to Health Canada. In the last 4 months, TCSI has had 29 clients being notified that their applications are approved and they have received the Cannabis Act readiness, preparedness to inspect letters. In addition, more than 10 LP/LH Cultivation Licenses have been issued to TCSI clients. "I am thrilled to have John join our Advisory Board as he brings with him a wealth of knowledge and experience that extends far beyond his complete understanding of the regulations. Achieving our licence as quickly as possible is our top priority here and I believe John and his team of professionals will bring that to fruition", Marc Geen CEO of SpeakEasy.
About SpeakEasy Cannabis Club Ltd.:
SpeakEasy is a late stage applicant under the Access to Cannabis for Medical Purposes Regulations (the "ACMPR") that is seeking to leverage three generations of farming experience in B.C. to produce high quality, small batch cannabis products once it obtains a license to do so. The Company currently owns 290 acres of land in Rock Creek, British Columbia . The Company's 10,000 square foot indoor facility will allow for the growth, production, and cultivation of small batch cannabis if and when the Company obtains a license from Health Canada. Construction has also commenced on an 80,000 square foot expansion facility. Completion for the expansion is projected for winter 2018.
For more information visit: https://speakeasygrowers.com/
Statement Regarding Forward-Looking Information
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 intent to obtain a license under the ACMPR, its intent to produce and sell high quality craft cannabis once it receives a license from Health Canada, its intention to complete construction of its expansion facility and the timeframe within which the construction of such facility will be completed 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; 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 industry in Canada and generally; the ability of SpeakEasy to implement its business strategies; competition; the ability of SpeakEasy to obtain all applicable licenses under the ACMPR 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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