Choom Holdings (CSE: CHOO) (OTCQB: CHOOF), a fully integrated cannabis company, this morning announced that, upon conversion of the convertible debenture issued to Choom by Coastal Green Holdings Ltd., it will acquire a 19.9% equity interest in the British Columbia-based cannabis retailer. Choom’s interest contains a variety of rights, including the right to acquire 100% of Coastal Green in certain circumstances and subject to regulatory restrictions. Coastal Green has applied to become an approved retailer through the British Columbia Liquor and Cannabis Regulation Branch (“LCRB”) with the intention of opening eight retail stores that would be mainly located on the islands off the west coast of British Columbia. “Coastal Green makes a very welcomed addition to our portfolio of brands and our network of cannabis retail locations in Canada,” Choom president & CEO Chris Bogart stated in the news release. “The key driver for this investment was finding an innovative way to maximize our footprint in BC while also gaining additional revenue streams to further grow shareholder value. With the Coastal Green concept, consumers can expect the same warm and welcoming experience with knowledgeable staff they’ve come to know in our Choom locations.” In addition, the company announced on Tuesday that it has amended the expiry date of 2,352,500 outstanding share purchase warrants that were issued in a private placement in February 2018. Each warrant presently entitles the holder to purchase one common share at a price of $0.75 each at any time prior to 5:00 PM Vancouver Time on August 6, 2019. The warrant expiry date will be extended to August 6, 2020, subject to approval by the Canadian Securities Exchange.
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SAY HELLO TO CHOOM(TM)
Choom(TM) 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 Honolulu during the 1970s who loved to smoke weed—or as the locals called it, “Choom”. Evoking the spirit of the original Choom Gang, the brand caters to the Canadian adult use market with the ethos of ‘cultivating good times’. Choom(TM) is focused on delivering an elevated customer experience through its curated retail environments, offering a diversity of brands for Canadians across a national retail network. For more information, visit the company’s website at www.Choom.ca.
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