Choom Holdings (CSE:CHOO/US:CHOOF) (CHOOM STOCK INVESTOR PROFILE) announced that they will be acquiring Flower Power Cannabis Pharms Inc., a retail brand experience cannabis company, and its wholly-owned subsidiary High Way 10 Cannabis Pharms Inc., another advanced-stage cannabis production license applicant under the Access to Cannabis for Medical Purposes Regulations. High Way 10 is located in southern Saskatchewan which is directly North of Montana and North Dakota, the Canadian company and is in the active review stage of Health Canada’s application process.
This comes fresh on the heels of two big announcements last week, including Choom’s acquisition of a sizeable and well-positioned marijuana company and their strategic financing and supply partnership with ABcann Global.
Today's announcement brings an additional 16,000 sq. ft. of production space with a capacity of ~ 1,500 kg per year...
PLUS...an additional retail strategy in a key Western Canadian province, Saskatchewan.
Flower Power is actively working through Saskatchewan’s retail dispensary permitting and RFP process for the lottery to secure the right to receive a license in multiple markets in the province.
So in the past week Choom has:
- Added their 3rd ACMPR license that is expected to receive their cultivation license in a few weeks
- Secured $7 Million in financing, with $4 Million of that part of a strategic partnership with one of Canada's largest growers; ABcann
- Increased their family of retail brands with the addition of Flower Power, their 4th late stage ACMPR which comes with a full retail strategy
Chris Bogart, President and CEO of Choom™ states, “We are very pleased Choom™ has increased its total production capacity with the addition of potentially our fourth advanced stage applicant. Upon completion of the tenant improvements within the initial 17,000 sq. ft. building, Flower Power intends to submit its affirmation of readiness (“AOR”) evidence package to Health Canada, which they hope will follow with the receipt of a cultivation license shortly thereafter. This acquisition further demonstrates our commitment to develop and acquire license and production assets along with retail dispensary opportunities, helping to position us to scaleup rapidly to meet the anticipated Canadian recreation market demand.”
FOR THE FULL DETAILS OF THE DEAL AND ORIGINAL RELEASE CLICK HERE
As The Seed Investor stated before, with a strong recreational branding and retail strategy and key acquisitions such as this, Choom (CSE: CHOO | OTC: CHOOF) is poised to be a major winner in the recreational marijuana market.
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