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VANCOUVER , May 29, 2019 /CNW/ - SpeakEasy Cannabis Club Ltd. (EASY.CN) (39H.F) (the "Company" or "SpeakEasy") is pleased to announce the addition of Frey Garabagi as its newly appointed Chief Scientific Officer and to the Company's Board of Directors.
Mr. Garabagi's distinguished career includes a degree in the field of plant molecular genetics and biotechnology, with 10 years of post-doctoral research experience from the University of Guelph. Frey held the position of Vice President of Research and Quality Affairs at Emerald Health Therapeutics Inc. as a research scientist, and inventor from September 2015 to January 2019 .
Mr. Garabagi currently holds full security clearance and is actively involved in various cannabis related projects such as breeding, strain characterization, product development, extraction technologies and development of cannabis oil formulations, preclinical pharmacokinetic studies, and cannabis genetics.
In 2012, Frey founded Herbaceous Inc., a company that organized preclinical research with non-psychoactive cannabinoids on epilepsy and obesity. The Company received its right-to-build letter from Health Canada in February 2014 , and secured $6 M investment capital for building its facility in 2015.
"I am extremely pleased to announce Mr. Garabagi's appointment as SpeakEasy's new Chief Scientific Officer. Mr. Garabagi is an incredible, well respected visionary in the cannabis industry as a whole," says Marc Geen . "Frey will be furthering SpeakEasy's journey as an important and innovative Company in this life changing industry. Mr. Garabagi is the first of many positive changes to the Board and the executive team of SpeakEasy in the near future," further states Marc Geen .
In connection with his Employment Agreement, Mr. Garabagi is entitled to receive, in addition to his salary and in accordance with applicable laws (including the policies of the Canadian Securities Exchange (the "CSE"), incentive stock options and a signing bonus payable by the issuance of common shares in the capital of SpeakEasy. The Company's Board of Directors has approved the grant of an option for up to 100,000 common shares of the Company with an exercise price of $0.86 /share. The option will expire 5 years from the date of grant.
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 Q2 2019.
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 facilities and the timeframe within which the construction of such facilities 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 demand for cannabis and cannabis related products, 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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