Choom™ (CSE: CHOO; OTCQB: CHOOF) (CHOOM STOCK INVESTOR PROFILE), an emerging fully-integrated cannabis company, announced today that further to Choom’s news release of April 17, 2017 announcing that it had entered into a definitive agreement with Island Green Cure Ltd, an advanced-stage cannabis production license applicant under Health Canada’s Access to Cannabis for Medical Purposes Regulations (ACMPR), the Company advises that it plans to close the acquisition of IGC on May 2, 2018.
Pursuant to the closing, Choom will issue 8,000,000 common shares to the shareholders of IGC and issue 500,000 Choom common shares to a finder. A consultant to the Company (or related parities of the consultant) will receive [536,000] Choom common shares, as a shareholder of IGC, and 500,000 Choom common shares as a finder. The total issuance of [1,036,000] Choom common shares to the Consultant (or related parities of the consultant) will constitute a related party transaction within the meaning of Multilateral Instrument 61-101 (“MI 61-101”); however, the issuances will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of the Choom Shares will not exceed 25% of the Company’s market capitalization. A material change report in relation to this transaction will be filed less than 21 days before closing as the Company intends to complete this transaction next week.
SAY HELLO TO CHOOM™
Choom™ was created for and inspired by the Choom Gang; a group of buddies in Honolulu during the 1970’s who loved to smoke weed—or as the locals called it, “Choom”. Now, after four decades, Choom™ is bringing the spirit of Hawaii to Canada. Choom™ is focused on delivering an elevated customer experience through our curated retail environments, high-grade handcrafted Cannabis supply, and a diversity of brands for the Canadian recreational consumer.
We’re planting our flag in the rapidly growing legal cannabis industry in Canada with our own brand of high-grade handcrafted herb. For additional information on Choom™ please visit: www.choom.ca
Read Original Release
Read More
CHOOM TO CLOSE ACQUISITION OF ISLAND GREEN CURE
