Speakeasy Cannabis (EASY.C) has completed its additional 13,300-square-foot production facility.
“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,” stated Founder Marc Geen.
Speakeasy is certainly committed to increasing its numbers this year both in production output and square footage. The Company expects to complete the construction of its remaining two facilities in Q2 and Q3 of this year, resulting in a total of over 62,000 square feet of licensed indoor production and processing space. Moreover, plants are being moved into Speakeasy’s latest facility this week. This represents an increase of four times the flower production capacity from what the Company currently has.
“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 on line this year and will begin producing finished flower [in] Q3 to Q4 2021,” continued Mr. Green.
For a variety of reasons, cannabis flower in the Canadian legal market mainly consists of poor quality bud that tends to disappoint customers. Only a small percentage of flower products currently on the market meet the quality or price expectation of buyers. As a result, many consumers are left looking for a high-quality producer that can complete the with competitive prices of the black market. According to positive consumer and retail feedback, Speakeasy is confident in its ability to produce some of the best flower currently on the market. Given its ability to have a consistent supply in multiple provinces, the Company hopes to meet the current market demand for cannabis flower. By pumping up its production capabilities, Speakeasy is in an excellent position to capitalize on this market and becoming a leading supplier.
Its worth noting that Speakeasy only just recently obtained an amendment to its sales license to sell dried cannabis flower in the recreational market and directly to medical patients. Following the announcement, the Company’s stock price increased substantially, reaching a year high of $0.75 as of February 11, 2021. Since then, Speakeasy’s stock price has normalized but appears to be following an upward trend. Overall, the Company has plenty of room to grow…literally. With massively increased square footage, Speakeasy will be able to output an incredible amount of cannabis flower. Additionally, the Company’s market cap remains relatively small, sitting at $69.43 million indicating that there’s still plenty of room for Speakeasy to fill out.
Speakeasy’s stock price opened at $0.59, up from yesterday’s close of $0.55. The stock’s price is currently $0.59.