ROCK CREEK, BC – TheNewswire – January 21, 2022 – SpeakEasy Cannabis Club Ltd. (CSE:EASY) (CNSX:EASY.CN) (Frankfurt: 39H) (that “accompaniment” or “SpeakEasy”), a holder of a federal license to cultivate, process and sell cannabis under the Cannabis Act wishes to confirm that as of the date of its press release of November 25, 2021 (the “Original Announcement‘) it continues to complete and file its audited financial statements and accompanying management discussions and analysis for the year ended 31 July 2021 (the ‘Required Submissions“). The Company is expected to complete the annual audit and be able to file the required documentation before the end of January 2022.
Similar to other companies, SpeakEasy has also been affected COVID-19 lockdowns, quarantine measures and global economic pressures. Reasons for the delay in filing include: the challenge of completing part of the Company’s annual audit within normal time frames as this is related to the rapid growth of the Company’s operations as a result of an increase in complex accounting considerations related to revenues and expenses sales and inventory. In In addition to the challenges related to COVID-19, the company enjoyed another year of significant growth in its range of products for sale which further complicates the disclosure and reporting requirements of the annual financial statements. As a result, the company was challenged to comply with the auditor’s requirements ahead of the financial disclosure filing deadline. The preparation and review of the annual reports is substantially complete and the applicant understands that its auditor will be subject to additional procedures to verify certain transactions.
The Company continues to comply with management’s trading halt order (“MCTO’) previously announced on December 3, 2021.
The Company confirms that since the date of the original announcement: (i) there have been no material changes to the information contained in the original announcement that have not been publicly disclosed; (ii) the Company has not failed to implement its stated intentions to comply with the provisions of the alternative information policy under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“); (iii) except for the Company’s inability to provide its Financial statements and accompanying management discussion and analysis for the interim period ended October 31, 2021 pending submission of required filings, there was no other specified default by the company under NP 12-203; and (iv) there is no other material information about the affairs of the Company that has not been publicly disclosed. The Company confirms that it will continue to comply with the terms of the Alternative Information Guidelines under NP 12-203 pending the submission of required documentation requirements.
About SpeakEasy Cannabis Club Ltd.
SpeakEasy Cannabis Club Ltd. holds a license to grow, process and sell issued by Health Canada under the cannabis law. SpeakEasy owns 290 acres of land in Rock Creek, British Columbia and leverages five generations of BC farming experience and its convenient location to grow and process high quality cannabis products at low cost. SpeakEasy grows high-quality craft cannabis in a portion of its 63,200 small batches Square foot indoor cannabis complex and has completed harvesting on its 60 acre outdoor field.
On behalf of the Board of Directors
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This press release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may affect SpeakEasy‘s actual results, performance or achievements or developments in the industry may 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 “expect,” “plan,” “anticipate,” “believe,” “intend,” “estimate,” “forecast,” ” potentially” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur.
Forward-looking statements in this document include statements regarding the Company’s expectation and expected time of making required filings, the Company’s ability to continue to meet the requirements of NP 12-203, and any other statements that are not statements of historical facts are.
Although SpeakEasy believes that the forward-looking information contained in this press release is reasonable based on information available as of the date of this press release, by their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may affect our actual results, performance or achievements or other future events may differ materially 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 that could 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, but are not limited to, assumptions, risks and uncertainties associated therewith the global COVID-19 pandemic, including the risk that the Company will be considered non-essential business and required to temporarily suspend operations; economic conditions; adverse industry events; future legal and regulatory developments related to cannabis; the enterprise‘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; demand for cannabis and cannabis-related products, SpeakEasy’s ability to execute its business strategies; Contest; SpeakEasy’s ability to obtain and retain all applicable licenses under the Cannabis Act and other assumptions, risks and uncertainties.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE COMPANY’S EXPECTATIONS AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER THAT DATE. READERS SHOULD NOT PLACE ANY MINOR RELATIONSHIP WITH ANY FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY ON SUCH INFORMATION AT ANY OTHER TIME. COMPANY MAY CHOOSE TO UPDATE THIS INFORMATION AT ANY SPECIFIC TIME EXCEPT AS REQUIRED BY APPLICABLE LAW.
The Canadian Securities Exchange or its regulatory service has approved or disapproved the contents of this press release.
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