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Choom Provides Update on its Retail Development Strategy

VANCOUVER, British Columbia, March 07, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Choom™ (CSE:CHOO) (OTCQB: CHOOF) is pleased to provide an update on its retail development strategy as an emerging consumer cannabis company that has secured one of the largest retail networks in Canada. Choom has successfully achieved a number of its strategic growth initiatives:

  • June 19, 2018 – Secured 10 additional cannabis retail opportunities in Alberta and British Columbia
  • August 23, 2018 – Secured 12 additional cannabis retail opportunities in Alberta and British Columbia
  • September 24, 2018 – Choom was added to Canadian Securities Exchange’s CSE25 Index
  • September 25, 2018 – Choom was included to the Horizons Marijuana Life Sciences ETF
  • December 10, 2018 – Choom completed the acquisition of Clarity Cannabis Medical Centers, which includes five new medical centers and a proprietary telemedicine platform
  • February 13, 2019 – Choom entered into LOI with Ontario Cannabis Retail Store Applicant
  • February 19, 2019 - Choom completed buildout of a customized e-commerce channel through a licensed enterprise-level platform. The platform ensures flexibility to handle both B2C and B2B sales to service and sell to any type of buyer in the cannabis industry.
  • February 27, 2019 - Choom signed a definitive agreement to acquire Clarity Cannabis retail stores in Alberta, adding 30 retail locations in Alberta, 3 of which have been licensed by the Alberta Gaming, Liquor & Cannabis Commission (“AGLC”).

Choom has completed the buildouts of 17 retail locations across Western Canada and has 8 additional retail locations currently under construction. In all cases, these retail opportunities are subject to all the necessary provincial regulatory approvals.

“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 across Canada. I’d like to congratulate the team at Choom on their success to date and look forward to the upcoming projects their team continues to work on as they roll out their unique retail brand experience across Canada.”

“Choom has been setting and achieving an aggressive pace to establish our retail strategy across the country,” said Chris Bogart, CEO. “We are successfully executing our strategy to acquire and open retail operations, and our new stores in Alberta and Ontario are examples of our recent successes. The establishment of a national cannabis retail sector remains in the very early stages and Choom is running hard and fast. In a very short period, we’ve been able to create one of the strongest retail networks across Canada. We are excited to have the opportunity participate in one of the largest consumer markets in decades and we look forward to our stores inheriting a portion of the estimated $4B+ of cannabis demand in the Country”. 

Choom is currently developing a network of retail stores which will feature a curated selection of products from various licensed producers with a strong focus on elevated customer experiences for the adult use market. Choom has 3 stores operating in Alberta under Clarity Cannabis and is continuing to rapidly expand their commercial footprint in highly strategic locations. This includes a total of 8 stores under construction and an additional 17 stores having completed their build out in Western Canada. In all cases, the retail opportunities are subject to all the necessary provincial and municipal governmental approvals.

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

Alex Porporo
Investor Relations
T: 604.683.2509 Ext. 231
F: 604.683.2506

Cautionary Statement:

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, the results of diligence investigations, 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 the Company’s Listing Statement, made with the applicable Canadian securities regulators. There can be no assurance that such 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.