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 completion of its additional 13,300 square foot production facility. Plants are being moved into the brand-new facility this week and represents an increase of four times the flower production capacity from what we currently have. This is the first of three facilities all expected to be completed Q2-Q3 this year resulting in a total of over 62,000 square feet of licensed indoor production / processing space.
Founder Marc Geen, states: “we have experienced success with our indoor flower and currently have orders for all we can produce for the foreseeable future, this first of three expansions will help us fulfill some of the market‘s appetite for our flower. Upon the successful completion of the next two additions expected in Q2/Q3 2021, we estimate we will be producing in excess of 700 kilograms each month beginning over the summer of this year.“
Proprietary indoor facility to produce indoor flower at scale
The purpose-built facility has been completed on time and on budget with the assistance of our experienced Growers and talented construction staff. The design and layout of the building was constructed with the Growers input from the very beginning, ensuring they are provided with the space required to grow their best products, in the most efficient way possible.
Founder Marc Geen further states: “having the ability to produce enough flower to supply across the country has been a dream of mine for a long time, we accomplished this with our outdoor field and we are within sight of achieving that with our indoor flower. SpeakEasy aims to be a national brand, known as a quality leader and a brand recognized from coast to coast, this is only possible by being large enough to supply all the major provinces. Completing this first of three new production facilities gets us within a couple months of being in full flower production. The remaining two facilities are expected to come online this year and will begin producing finished flower Q3-Q4 2021.“
Premium indoor flower remains in high demand
Flower in the Canadian legal market, for many reasons, is primarily of poor quality that has consistently disappointed consumers1. Availability of high-quality flower across the country remains low leaving consumers searching for a high-quality producer that offers flower at a price competitive with the black market2. Although there is an excess of flower on the market currently, a very small percentage of that excess product is of the quality or price that consumers are looking for3. From initial consumer and retail feedback, SpeakEasy believes that it has been able to produce some of the best flower currently available on the market. We are now increasing our production capabilities to meet the realistic demands that currently exist in the market giving us the ability to have a consistent supply in multiple provinces.