Choom Signs Memorandum of Understanding with Better Choice Company to have the Exclusive Distribution Rights to CBD Animal Health Products
VANCOUVER, March 28, 2019 /CNW/ - Choom Holdings Inc. (Choom™) (CSE: CHOO; OTCQB: CHOOF) ("Choom"), an emerging adult and medical use cannabis company that has secured one of the largest national retail networks in Canada, is pleased to announce that it has signed a memorandum of understanding ("MOU") with Better Choice Company, Inc. for the exclusive Canadian distribution rights to Better Choice's cannabidiol ("CBD") Bona Vida brand of products targeted for animal health and wellness once approved for sale in Canada. The terms of the MOU are not material.
According to the American Pet Products Association, U.S. pet owners are estimated to have spent over $70 billion in 2018 on pet supplies, treatments and veterinary care. As CBD pet products become more readily available and accepted, well positioned suppliers and distributors will be able to exploit the tremendous opportunities for growth in the CBD pet sales.
Better Choice Products
Under its Bona Vida brand, Better Choice offers a suite of CBD pet focused products in the form of oils and soft chews with several formulations designed to aid the state of good health and well-being in pets. Bona Vida has formulations which specifically target animals Relaxation & Heart Support, Muscle & Joint, as well as, Skin & Body.
We are excited that Better Choice has chosen us as their exclusive distributor in Canada for their pet focused CBD products
states Chris Bogart, President and CEO of Choom.
We recognize the importance of growing our brand portfolio and having the sole distribution rights for Better Choice products helps us achieve that in an entirely new market on the horizon in pet use products. From what we know of in the United States, the CBD products for pet use market has proven to be a high margin business. As the normalization of cannabis-based products in Canada grows, consumers will begin to shift towards these new natural alternative treatments for their pets
Choom™ is an emerging adult use cannabis company whose mission is to establish one of the largest retail networks in Canada and the United States. The Choom brand is inspired by Hawaii's "Choom Gang"—a group of buddies in Honoluluduring 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.
About Better Choice Company, Inc.
At the foundation of Better Choice is the belief that good health practices and nutrition contribute to and promote a higher quality of life. Recently, Better Choice entered into definitive agreements to acquire TruPet an online seller of pet foods, flea and tick products pet nutritional products and related pet supplies and Bona Vida, an innovative emerging CBD platform, focused on developing a portfolio of brand and product verticals within the animal and human health and wellness space. For more information, please visit and https://www.betterchoicecompany.com.
President & CEO
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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, 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.
SOURCE Choom Holdings Inc.