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"We are incredibly pleased to report our earnings for Q2 2021, marking this the first quarter of reported revenues and positive earnings. This achievement is particularly satisfying given the challenging environment for many cannabis companies and the uncertainty in the current markets", stated
Q2 2021 Financial Highlights
- Revenue from the sale of flower
$723,740 - Gross profit before fair value adjustments
$643,446 - Operating expenses
$1,867,804 – a decrease of 11% over the comparative quarter - Total of 205,882 grams sold
- Earnings per share of
$0.01 - Inventory of
$14,878,555 - Working capital of
$11,793,658 - Total assets of
$35,620,328 - Total liabilities of
$7,689,481
Q3 2021 Outlook
- Indoor flower production is expected to increase by 33% starting in
April 2021 - First deliveries of concentrates expected first week of
April 2021 - Pre-roll production ramps up to fulfill supply orders
- Cloning for this year's outdoor crop is now in full swing in the new facility
Founder,
Other Corporate Announcements
Change in Auditor
The Company also announces that the board of directors of the Company has appointed
In accordance with National Instrument 51-102 – Continuous Disclosure Obligations ("NI 51-102"), the notice of change of auditor, together with the required letters from the Former Auditor and the Successor Auditor, have been reviewed by the board of directors of the Company and filed on SEDAR. There were no "reportable events" as such term is defined in NI 51-102 between the Company and the Former Auditor.
Warrants
On
Passing of Advisor to Board
The Company is saddened by the sudden passing of
It was a pleasure to have Ian on the team we will certainly miss his colorful stories and his passion for politics and adventure.
About
square foot indoor cannabis complex and has completed its harvest of its 60-acre outdoor field. Total yearly production of cannabis flower and biomass is projected to be in excess of 70,000 kilograms per year once in full production.
On behalf of the Board of the Directors
Forward Looking Statements
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 its expected increase in indoor flower production and the timing thereof; its expected timing for first deliveries of concentrates; its expectation that pre-roll production will commence to fulfill supply orders; and its intent to produce and sell high quality craft cannabis at scale, 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
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 has not approved nor disapproved the contents of this news release.
SOURCE
© Canada Newswire, source