Choom Enters into LOI with Cannabis Retail Store Applicant
VANCOUVER, British Columbia, Feb. 13, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Choom (CSE: CHOO); (OTCQB: CHOOF) is pleased to announce that it has entered into a letter of intent agreement ("LOI") with one of the 25 Cannabis Retail lottery winners to open a location in Ontario. Choom, an emerging adult use cannabis retailer, is building out one of the largest retail cannabis networks in Canada. The LOI is with a winner of one of the 25 retail opportunities to apply for a license to operate a cannabis retail store granted as a result of the Alcohol and Gaming Commission of Ontario's ("AGCO") Expression of Interest Application Lottery conducted on January 11, 2019.
"Being able to get an early start to establish Choom's presence in the private retail market in Ontario through an agreement with a lottery winner is a remarkable milestone for Choom. We are thrilled that the lottery winner chose Choom to help them successfully open and operate a retail cannabis store in Ontario,"
stated Chris Bogart, President and CEO of Choom.
"With our branding and execution, consumers can expect a unique experience accompanied with knowledgeable staff, style, and sophistication reflected throughout the store design. Our goal is to ensure customers leave the store knowing more about what they're purchasing and creating a high retention customer base."
CHOOM'S NATIONAL RETAIL NETWORK
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 secured the rights to 54 retail opportunities across Western Canada, rapidly expanding their commercial footprint in highly strategic locations. This includes a total of 46 applications submitted in Western Canada with 10 stores under construction and an additional 17 stores having completed their build out. In all cases, the retail opportunities are subject to all the necessary provincial and municipal governmental approvals.
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.
President & CEO
Contact: Choom Holdings Inc.
President & CEO
T: 604.683.2509 Ext. 231
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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, 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.