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VANCOUVER , June 6, 2019 /CNW/ - SpeakEasy Cannabis Club Ltd. (EASY.CN) (39H.F) (the "Company" or "SpeakEasy") is pleased to provide an update on the progress of the buildout of its outdoor facilities in anticipation of obtaining a license from Health Canada. The Company is currently developing 2,613,600 sq ft of capacity, which is anticipated to be completed in 2019. It is anticipated that this capacity would enable the Company to produce up to approximately 70,000 kg of extract ready cannabis flower as a final use product. Further, SpeakEasy intends to develop an additional 2,613,600 sq ft for the 2020 season increasing its potential production capacity up to approximately 150,000 kg. Upon completion of the outdoor program of a combined 5,227,200 sq ft of outdoor grown cannabis, SpeakEasy will be positioned to be one of Canada's largest cannabis producers.
SpeakEasy's facility, located in Rock Creek, BC , is part of the Okanagan area known as the renowned Golden Mile , with the ideal climate for growing cannabis. The long summer and dry harvest season will allow SpeakEasy to cultivate outdoor product at a cost that is expected to be under $0.20 per gram for extract material.
The cost of construction for the outdoor production facility, is expected to be approximately $10 per sq ft, compared to $100 -150 per sq ft for greenhouse, and $150 -200 per sq ft for indoor construction. The resulting low cost to build for SpeakEasy, is expected to result in a favorable return on investment (ROI) in comparison to the traditional greenhouse and indoor grow facilities.
Marc Geen , CEO, SpeakEasy, states, "I am so proud of our entire SpeakEasy crew for their professionalism, dedication and work ethic. Our outdoor production field is on track for completion in time for this year's planting and we are all excited to get growing."
SpeakEasy would like to thank the shareholders for their ongoing support. Below is the current status of the outdoor facility.
- Perimeter fence for the outdoor plot and the compound have been completed and installed
- Trenching, electrical and security have been installed
- Camera posts have been installed
- Camera installations are nearing completion
- Application for power has been submitted to Fortis
- Design and engineering has been completed for the backup electrical systems
- The security compound buildings are nearing completion
- 10,000 yards of additional soil has been delivered and prepared for planting
About SpeakEasy Cannabis Club Ltd.:
SpeakEasy is a late stage applicant under the Cannabis Tracking and Licensing System (the "CTLS") 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 with completion projected for Q2/Q3 2019 along with its 2,613,600 sq ft of outdoor cultivation being developed in anticipation of the 2019 season.
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 CTLS, its intent to produce and sell high quality craft cannabis once it receives a license from Health Canada, its mission to scale production to meet demand, its intention to complete construction of its facilities and the costs and timeframe within which the construction of such facilities will be completed, the anticipated potential production capacity of its facilities 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 CTLS 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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