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ROCK CREEK, BC, Oct. 7, 2021 /CNW/ - 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 pleased to announce the initiation of its 2021 outdoor harvest. After the huge success of the 2020 outdoor season, the Company is excited to continue working hard to bring in what is expected to be another record breaking harvest for the Company.
Outdoor Harvest Has Begun
The SpeakEasy team has worked diligently and around the clock towards achieving another significant milestone. On September 28th, the Company began the harvest of its outdoor facility. The conditions this summer have been favourable and as expected. Thanks to early preparations, hard work, and dedication from the SpeakEasy team, the Company was able to keep the plants healthy and happy. The harvest is expected to continue until the end of October.
This year, the Company focused on optimizing the growing methods and techniques to maximize the yield. SpeakEasy believes that with the combination of the use of genetics, earlier planting, additional vegging facilities, and increased plant density, the Company expects to achieve another bumper crop for the 2021 outdoor growing season. With all of the infrastructure in place, the Company believes that it can process the entire 2021 outdoor harvest into finished products before the end of 2022.
Allocation of Yield
Once harvested, a large portion of the yield will be fresh frozen and allocated for live resin. Live resin has been among one of the popular products from SpeakEasy's B-to-B product streams due to its high quality, THC and terpene content, further complimented by the Company's low cost to manufacture.
Pre-rolls have proven to be another successful revenue stream that the Company will continue to focus and develop. SpeakEasy's goal will be to ensure that demands for the pre-rolls will be met, while adding additional varieties to expand our pre-rolls product offerings.
The remainder of the yield will be used for dried flower or processed into extract material suitable to make any concentrate that the market demands.
Genetic Testing For 2022
In comparison to last year, the Company has expanded the variety of genetics used for the 2021 outdoor harvest. The varieties chosen for the 2021 outdoor growing season have been carefully crafted and hand picked to thrive in Rock Creek's unique climate. The plants have grown to be healthier, larger, and have more dense buds compared to last year's outdoor yield. Additionally, more varieties have been added for further optimization and testing to scale for the 2022 outdoor growing season, as well as to increase efficiency and the yield of next year's outdoor harvest.
Founder Marc Geen, states, "Systems and methods developed last year helped us get a fast jump on the harvest this season, the crew is working well and the weather is holding up for us so far. The quality of the crop is exceptional again this year and we are diligently getting it out of the field as quickly as possible. With sales increasing and demand for our product growing, I am anxious to get it processed and into the hands of our customers. Thank you all for your continued support, and a big thank you to our valued family of employees."
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 favorable 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
On behalf of the Board of the Directors
Forward Looking Statement
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 expectations concerning the introduction of its brands and the timing thereof; a successful harvest, Canadian recreational cannabis market trends 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; COVID-19, 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 and hemp industries and markets in Canada and generally; the demand for CBD distillate, cannabis and cannabis related products, the ability of SpeakEasy to implement its business strategies; competition; the ability of SpeakEasy to obtain and retain all applicable licences under the Cannabis Act 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 nor its Regulation Services accepts responsibility for the adequacy or accuracy of this release.
SOURCE Speakeasy Cannabis Club Ltd.
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