SpeakEasy Cannabis Club Ltd. (CSE: EASY) (Frankfurt: 39H) (the “Company” or “SpeakEasy“), a holder of a federal licence to cultivate, process and sell cannabis under the Cannabis Act, is delighted to announce it has received an amendment to its licence from Health Canada for its 2.6 million square foot outdoor field.
With the amendment, SpeakEasy expands its licenced cultivation area from 10,000 square feet to over 2.6 million square feet, an increase of over 250 times larger. Founder, Marc Geen states, “We have been eagerly awaiting the day we could grow outdoors. With the favourable climate here in Rock Creek, the advantages we have due to our location can not be overstated. Being licensed to grow in our 60 acres of outdoor grow area puts us in a position to be a global leader in the cannabis industry due to our size, location and efficiency.”
Rock Creek’s Unique Climate Offers Efficient Low Cost Production
Two key elements to any type of farming are the climate and the genetics a farmer has to work with. SpeakEasy’s facilities are strategically located in Rock Creek, British Columbia, which the Company believes has one of the best climates in Canada in which to grow cannabis. The southern interior of British Columbia offers an arid climate with a warm summer and fall with very little rainfall, each a critical element for large scale outdoor production of cannabis in Canada. Excellent climate with excellent genetics is a winning formula and SpeakEasy believes its genetics are second to none. With the receipt of the amendment to our licence, SpeakEasy believes that it now has all pieces in place to plant its outdoor field commencing this spring. SpeakEasy anticipates that its first crops will be planted with proven varieties, that have been grown in licenced personal medical operations in the southern interior of British Columbia for many years.
Over 100 Years Combined Farming Experience Brings It All Together
SpeakEasy’s agricultural know-how comes from a combination of the large-scale commercial agriculture experience of the Geen family and its collective of cannabis growers that bring over 100 years of combined experience. The experience of these growers enabled the Company to bring its first crop to harvest in March 2020, passing all testing criteria with an over 20% THC level and an average of 3.14 pounds per light, well above the industry average and 25% above our own projections. “This wisdom and knowledge have been fundamental and a cornerstone to everything SpeakEasy does”, says founder, Marc Geen. Mr. Geen, further states, “without our growers and their vast knowledge of cannabis, our facilities would be just like any other group of nice buildings. Combining their knowledge and giving them everything they need to grow, with the addition of our outdoor facility, together, creates what we believe to be a winning combination.”
A New Global Player
Cannabis production costs in the Canadian indoor or greenhouse facilities range, depending on the cultivation method, from $0.50 cents per gram to over $2.00 dollars per gram. SpeakEasy’s projected cost of outdoor-grown flower is less than $0.10 cents per gram, giving the Company the opportunity to provide sun-grown flower at a price point that the Company believes will be among the lowest in the industry. Additionally, extract materials suitable for all forms of value-added products are expected to cost less than $0.04 cents per gram to produce at SpeakEasy’s outdoor production field. “The scale and cost efficiency of the operation opens the opportunity to be competitive in domestic as well as global markets. “BC Bud” is a globally recognized brand and for good reason, leveraging that established brand, combining our high quality, eco-sensitive farming practices and projected industry-leading low cost of production, we believe we have a very bright future ahead of us” says SpeakEasy CEO, Bin Huang.
