Vancouver, BC – August 06, 2019 – Choom™ (CSE: CHOO; OTCQB: CHOOF), an emerging adult use cannabis company that has secured one of the largest national retail networks in Canada, is pleased to announce that it has signed a definitive agreement to acquire The Green Room, a popular cannabis retail store chain which has operated since 2016. The agreement involves the purchase of location assets from The Green Room which includes three (3) locations in British Columbia and four (4) locations in Alberta. The Green Room locations in Alberta and British Columbia feature several premiere locations for cannabis retail stores with multiple years of successful operation.
“Green Room was a highly successful operator that originally opened in Vancouver as a compassion club offering medicinal cannabis to their patients. Choom looks to build on the good reputation they have in the communities they served and open legal cannabis retail stores in their successful locations.” states Chris Bogart, President and CEO of Choom “Our priority for these locations are to bring our unique Choom experience that encourages sharing education with consumers about the safe and responsible use of cannabis.”
The two locations in Vancouver are expecting to receive development permits to operate legal cannabis retail stores. The location in Squamish has municipal approval and is awaiting approval from the Liquor & Cannabis Regulation Branch of British Columbia (“LCRB”).
Three of the four acquired locations in Alberta have received development permits from the applicable municipalities to operate cannabis retail stores. Choom will submit its applications for cannabis retail store licenses to the Alberta Gaming, Liquor & Cannabis Commission (“AGLC”) at its earliest convenience.
Alberta Locations • 2719 14st Street SW, Calgary AB • 33 4st Street NE, Calgary AB • 8126 Gateway Blvd., Edmonton AB • 10566 97 Street NW, Edmonton AB
British Columbia Locations • 37893 2nd Ave., Squamish BC • 700 Main St., Vancouver BC • 555 Dunsmuir St., Vancouver BC
Terms are not material.
Say hello to Choom™ Choom™ is an emerging adult use cannabis company whose mission is to establish one of the largest retail networks in Canada. 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.
“Chris Bogart” President & CEO
Contact: Choom Holdings Inc.
Chris Bogart President & CEO T: 604.683.2509 F: 604.683.2506 E: email@example.com
Alex Porporo Investor Relations T: 604.683.2509 Ext. 231 F: 604.683.2506 E: firstname.lastname@example.org
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Forward-looking information This news release contains forward-looking information relating to the Company's proposed activities and other statements that are not historical facts. Forward-looking information relates to management's future outlook and anticipated events or results, and include statements or information regarding the future plans or prospects of the Company. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. These factors include risks and uncertainties associated with or arising as a result of delays in obtaining or an inability to obtain required regulatory approvals (such as AGCO approvals relating to opening a Choom-branded store), access to sufficient quantities of cannabis, the results of diligence investigations, the actions of third parties, the results of negotiations with third parties, developments in the cannabis sector, the ability to access sufficient capital from internal and external sources, reliance on key personnel, regulatory risks and delays and other risks and uncertainties discussed in the management discussion and analysis section of the Company's interim and most recent annual financial statement or other reports and filings, including those made with the CSE and applicable Canadian securities regulators. There can be no assurance that such forward looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information.