VANCOUVER, Nov. 17, 2017 /CNW/ - Choom™ (formerly "Standard Graphite Corp.") is pleased to announce that it has completed its previously announced acquisition of Medi-Can Health Solutions Ltd. In connection with the acquisition, the Company has changed its name to "Choom Holdings Inc." The Company has received conditional approval to list on the Canadian Securities Exchange ("CSE") and, subject to obtaining final approval of the CSE, expects to commence trading on the CSE under the trading symbol "CHOO" on Wednesday, November 22, 2017.
The Company and its new subsidiary are now doing business under the Choom™ brand.
Choom™ is a cannabis production and sales licence applicant under Health Canada's Access to Cannabis for Medical Purposes Regulations (ACMPR) with a facility located in Vernon, B.C. with extensive cannabis cultivation equipment. Choom's planned phase 1 cannabis production facility will be capable of producing approximately 660 kg/year of dried cannabis and its planned phase 2 expansion plans would increase its cannabis production capacity to a total of 1500 kg/year.
Choom™ will focus its business on the highest quality handcrafted cannabis strains and intends to develop a unique lifestyle brand for cannabis in Canada, subject to obtaining a cannabis cultivation and retail sales licence and the legalization of cannabis for non-medicinal uses.
Choom™ plans to feature a range of curated, handcrafted strains ideally suited for Canada's emerging cannabis market. The Okanagan Valley, which includes the cities of Vernon and Kelowna, features British Columbia's world class wineries, lakes, orchards, golf courses and ski hills, which draws approximately 1.9 million visitors annually.
Further to the listing on the CSE, the Company is voluntarily delisting from the TSX Venture Exchange. The Company also reports that it has granted 3,150,000 incentive stock options to directors, officers, employees and consultants, each at an exercise price of $0.17 per share.
SAY HELLO TO CHOOMTM
Choom™ was created for and inspired by the Choom Gang; a group of high school buddies in Honolulu during the early 1970's who loved to smoke weed—or as they called it, "choom". Now, after four decades, ChoomTM is bringing the spirit of Hawaii to the Okanagan and Canada. We're planting our flag in the rapidly growing legal cannabis industry in Canada with our own brand of high-grade handcrafted herb.
"Chris Bogart" President & CEO
Cautionary Statement: Neither the CSE nor the TSX Venture Exchange has in any way passed upon the merits of the transaction and neither has approved nor disapproved the contents of this press release. Commencement of trading on the CSE is subject to final CSE acceptance.
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 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.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.
SOURCE Standard Graphite Corporation
For further information: Choom Inc., Chris Bogart, President & CEO, T: 604.683.2509, F: 604.683.2506, E: [email protected]