Business
Choom Cuts a Deal with ABcann to Jumpstart Retail -- CFN Media
Choom Cuts a Deal with ABcann to Jumpstart Retail -- CFN Media.
About this update from Choom Hldgs Inc.
[{"type":"text","content":"\n\n SEATTLE, March 20, 2018 (GLOBE NEWSWIRE) -- CFN Media Group (\"CannabisFN\"), the leading creative agency and media network dedicated to legal cannabis, announces publication of an article discussing Choom Holdings Inc. (CSE:CHOO) (CNSX:CHOO) (CHOO.CN) (OTCQB:CHOOF) and its efforts to build out a premier recreational brand across Canada. As part of this strategy, the company recently acquired a third late-stage cultivation applicant in British Columbia and signed a supply and financing agreement with one of the country’s largest licensed producers, ABcann Global.\n Canada’s cannabis industry is projected to reach C$22.6 billion over the coming years, according to Deloitte, driven by the legalization of adult-use cannabis later this year. Adult-use, or recreational cannabis is a very different market than medical, both in terms of the products used and the consumers involved. Identifying consumer brands that may have success in the upcoming market is a puzzle that existing licensed producers are frantically trying to solve as they transition to the larger opportunity presented by adult-use legalization. Acquiring a Cultivation License Choom™ recently entered into a definitive agreement to acquire International Tungsten Inc., which has an agreement in place to acquire Medijuana Specialty Products Inc. (MSP), which is an applicant under the Access to Cannabis for Medical Purposes Regulations (“ACMPR”) that has submitted its Affirmation of Readiness evidence package to Health Canada. The company expects to receive a cultivation license from Health Canada within the next several weeks. Management believes that the acquisition will create significant synergies in operational infrastructure and rapidly accelerate the company’s timeline toward achieving a sales license, as well as improve and advance its operational scale with increased production capacity. The move marks a key milestone in Choom’s long-term plan to become a fully-integrated cannabis company representing a premier lifestyle brand across Canada, focused on the upcoming recreational market. MSP plans to execute its plan in three phases: Phase 1: Current Facility - The company is in the process of obtaining a cultivation license at the facility where the buildings are at operational readiness. A positive review of an...