SEATTLE, April 05, 2018 (GLOBE NEWSWIRE) -- CFN Media Group (“CFN Media”), the leading agency and financial media network dedicated to the North American cannabis industry, announces publication of an article covering Choom™ Holdings Inc. (CSE:CHOO) (CNSX:CHOO) (CHOO.CN) (OTCQB:CHOOF) and its recent progress in securing production capacity and building the foundation for its retail cannabis network.
When the Choom Gang formed in Honolulu in the 1970’s, the group of friends were simply focused on living a relaxed lifestyle filled with island good times and choom, the local term for marijuana. Forty years later, the pipe dream of legal marijuana is coming to fruition and Choom™ Holdings is building a recreational cannabis business around that relaxed lifestyle. With a plan to cultivate good times for its customers, Choom is quickly laying the groundwork for a retail cannabis operation to take advantage of Canada’s upcoming legalization. In a recreational market estimated to be in the neighborhood of $10.2 billion by 2023, the opportunity is substantial, according to recent industry reports.
Follow the link to get Choom's corporate presentation and company updates.
Four Licensed Producer Applicants
Choom™ has acquired, or has agreements to acquire, four late-stage licensed producer applicants. The most recent agreement, to acquire Saskatchewan-based applicant High Way 10 and its parent company Flower Power Cannabis Pharms, represents a departure from the previous deals in a couple of important ways.
First, the other three producers are based in British Columbia, so the new deal represents geographical diversity that could become very important in the upcoming recreational market. While the federal government is creating the general legal framework for the industry, provinces are left to their own devices in setting up the details of the retail distribution system. In March, the Saskatchewan Liquor and Gaming Authority (SLGA) announced they would be issuing 51 retail permits (that number is limited for the first three years to ensure a controlled roll-out) to private companies, while the SLGA would regulate both the wholesale and retail market. Flower Power is currently involved in the application process with SLGA and hopes to secure retail licenses in several municipalities across Saskatchewan.
The second unique aspect of this deal lies in Flower Power’s approach to recreational branding and customer experience. The company’s mission is to ‘elevate the Cannabis Experience’ by welcoming consumers with their holistic approach and natural aesthetic. With its plan to roll out retail locations, the addition of Flower Power would expand Choom’s ability to scale their operations more quickly when legalization takes place.
Of course, the potential addition of a fourth licensed producer also means more production capacity for Choom. The company is committed to becoming a fully integrated cannabis enterprise, from cultivation through retail sale, and securing production capacity is crucial in carrying out this plan.
Follow the link to get Choom's corporate presentation and company updates.
Implementing the Plan
Choom recently reached an agreement with ABcann Global that included a supply arrangement. ABcann is known for high quality cannabis product, and locking down a consistent and respected source allows Choom to jumpstart its retail implementation while it finalizes its own production processes. ABcann also contributed $4 million of a $7 million financing, money that will help Choom as it implements its plan for retail brand domination.
ABcann’s participation continues a trend in the industry as more established licensed producers, born and bred in the medical marijuana market, partner with and acquire more recreational-oriented assets. The partnership definitely validates Choom’s approach to branding and retail and should benefit both companies.
The Upshot
Choom Holdings is making great strides as it prepares to spread the good times and relaxed lifestyle of the Hawaiian beaches across Canada. This is definitely a company to watch as the Canadian cannabis industry transitions from a medical-only market to a significantly more lucrative adult-use market. Companies across the country are scrambling for position, and Choom appears poised to take advantage.
Please follow the link to read the full article: http://www.cannabisfn.com/choom-four-lp-applicants-killer-cannabis-brand/
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