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by Stockwatch Business Reporter
The Canadian Securities Exchange Composite Index dropped 6.14 points to 398.11 Wednesday, falling below 400 for the first time. SpeakEasy Cannabis Club Ltd. (EASY) rose 4.5 cents to 39.5 cents on 394,100 shares after announcing that it would lower the unit price of its private placement (proposed Sept. 3) to 40 cents, down from 50 cents. The financing is for up to four million units, which would give the company proceeds of $1.6-million (down from the $2-million the company initially proposed).
Near the end of June, SpeakEasy appointed Dr. Bin Huang as chief executive officer. Dr. Huang was president and CEO of Emerald Health Therapeutics Inc. (EMH: $0.72) from 2014 to September, 2017. During her tenure with Emerald Health (also a cannabis company), the company's stock more than tripled, from 40 cents to $1.29.
At SpeakEasy, Dr. Huang joins a smaller company than Emerald Health. SpeakEasy has not started growing marijuana yet. It is developing a 60-acre outdoor-grow area in Rock Creek, B.C., near the Okanagan. The company is anticipating having this outdoor area ready for growing this year; once complete, SpeakEasy says it will be able to grow about 70,000 kg of "extract-ready" marijuana. It is common for cannabis companies to grow marijuana outside (because it is cheaper) when they intend to use the marijuana for extract products (such as oils, topicals, edibles, beverages and vapes). In 2020, the company intends to develop a second 60-acre outdoor-grow area in Rock Creek. SpeakEasy claims that this would boost its annual growing capacity to about 150,000 kg, an unusually high amount for such a small company ($30-million market cap).
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