VANCOUVER, April 19, 2018 /CNW/ - Choom™ (CSE: CHOO; OTCQB: CHOOF) (the "Company" or "Choom"), a fully-integrated lifestyle cannabis company, announced today that it has entered into a definitive agreement to acquire Island Green Cure Ltd ("IGC") an advanced-stage cannabis production license applicant under Health Canada's Access to Cannabis for Medical Purposes Regulations (ACMPR). Island Green Cure Ltd, which is located on Vancouver Island, B.C., is at the "Confirmation of Readiness Stage" under the Health Canada administered ACMPR application process.
Chris Bogart, President and CEO states, "we are excited to secure our second acquisition and increase our total production capacity with another craft growing facility to cultivate Choom's premium handcrafted flower. Upon completion of the tenant improvements, IGC will submit its evidence package to Health Canada and it is expected to receive a cannabis cultivation license soon after. This acquisition further demonstrates our commitment to building a national premium recreational brand."
The closing of the acquisition is expected at the end of the month, subject to customary closing conditions. The financial terms of acquisition were previously disclosed in the Company's news release of January 18, 2018.
SAY HELLO TO CHOOMTM
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
President & CEO
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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 the results of diligence investigations, developments in the cannabis sector, delays resulting from or inability to obtain required regulatory approvals and 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.
SOURCE Choom Holdings Inc.
For further information: Choom Holdings Inc.: Chris Bogart, President & CEO, T: 604.683.2509, F: 604.683.2506, E: [email protected]; Alex Porporo, Investor Relations, T: 604.683.2509, F: 604.683.2506, E: [email protected]; Chris Gagan, SVP Branding, Marketing, T: 604.683.2509, F: 604.683.2506, E: [email protected]