Today they announced an expansion of their U.S. strategy by signing an LOI to enter the Florida Market through an investment in a vertically-integrated cannabis applicant.
The Florida company is progressing on their Master License application to operate up to 25 retail locations, with potential for more.
The timing couldn’t be more perfect, as smokable medical marijuana just became legal in Florida.
“We are very excited to be expanding into Florida and to bring Choom’s medical brand into that market. Florida’s medical marijuana program is a very attractive opportunity for us seeing that it allows for vertically-integrated operations and it has been a market we’ve had our sights on for a while now.” states Chris Bogart, President & CEO of Choom.
The Seed Investor has been watching Choom since the beginning, and it is exciting to see the execution of their strategy.
Since the start of February, they have:
- Entered the US Market with an investment in a New Jersey Cannabis Retail Company
- Acquired 30 stores in Alberta, including 3 open stores
- Entered into an LOI with an Ontario Retail Lottery Applicant
- Completed their proprietary E-commerce platform
Aurora Cannabis (ACB), who invested $27 Million into Choom in 2018, seem to be pleased with the developments as well. Terry Booth, CEO Of Aurora says:
"Choom has demonstrated a strong commitment to rapidly executing its strategic growth plans by developing a sophisticated retail channel across Western Canada while diversifying their operations through further expansion into Ontario," said Terry Booth, CEO of Aurora. "Through our strategic investment, we have helped to expedite Choom's commercial launch while gaining valuable insights into the consumer decision making process which has helped to shape our product allocation and in-store marketing initiatives. I'd like to congratulate Choom on their success to date and look forward to the upcoming projects that the team continues to work on as they roll out their unique retail brand experience across Canada."
Retail Cannabis could be the next big investment boom and Choom is setting themselves up to be a leader.
READ RELEASE BELOW:
Choom Signs LOI to Enter Florida Market Through Investment in Vertically-Integrated Cannabis Applicant
Vancouver, BC – March 25, 2019 – Choom Holdings Inc. (Choom™) (CSE: CHOO) (OTCQB: CHOOF) ("Choom"), an emerging adult and medical use cannabis company that has secured one of the largest national retail networks in Canada, is pleased to announce, following its strategy to become a multi-state operator, that it intends to expand into Florida. Choom, through its wholly owned US subsidiary, Choom Holdings USA Inc., has signed a letter of intent (“LOI”) to purchase a 95% equity interest in a Florida-based vertically-integrated cannabis applicant (the “FL Company”).
The FL Company is progressing on its Master License application to operate up to 25 retail locations with potential for more as the number of registered patients increase, as well as, a micro-processing and cultivation facility for medical purposes. Upon completing the transaction, Choom will use its medical brand, Clarity Medical Centres, to create a network of branded Medical Marijuana Treatment Centers. Florida’s medical marijuana program has over 190,000 qualified patients, up from approximately 168,000 at the start of 2019, making it the largest medical marijuana market in the United States. Florida has recently allowed the use of smokable medical marijuana products, potentially opening the program to a considerably larger audience.
“We are very excited to be expanding into Florida and to bring Choom’s medical brand into that market. Florida’s medical marijuana program is a very attractive opportunity for us seeing that it allows for vertically-integrated operations and it has been a market we’ve had our sights on for a while now.” states Chris Bogart, President & CEO of Choom. “This investment aligns with our strategy of becoming a multi-state operator in the US and helps us to bolster our growth targets. Florida is home to over 21 million residents and has shown impressive year over year growth on the number of registered patients with a large portion of the market being relatively uncaptured.”
The terms of the LOI are not material.
Say hello to ChoomTM
Choom™ is an emerging adult use cannabis company whose mission is to establish one of the largest retail networks in Canada and the United States. The Choom brand is inspired by Hawaii's “Choom Gang”—a group of buddies in Honolulu during the 1970's who loved to smoke weed—or as the locals called it, “Choom”. Evoking the spirit of the original Choom Gang, our brand caters to the Canadian adult use market with the ethos of ‘cultivating good times’. Choom™ is focused on delivering an elevated customer experience through our curated retail environments, offering a diversity of brands for Canadians across a national retail network.
President & CEO
Contact: Choom Holdings Inc.
President & CEO
T: 604.683.2509 Ext. 231
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