British Columbia-based cannabis cultivation firm Choom Holdings Inc. (CSE: CHOO) (OTCQB: CHOOF) this morning said that along with its wholly-owned subsidiary, Arbutus Brands Inc., it has entered into a definitive amalgamation agreement with International Tungsten Inc. (“ITI”). Per the terms of the agreement, Arbutus Brands will merge with ITI and the combined company will remain a wholly-owned subsidiary of Choom operating under the name of Arbutus Brands. All issued and outstanding securities of ITI will be exchanged for securities of Choom. Additionally, ITI has entered into an agreement to acquire all of the issued and outstanding securities of an applicant under the Access to Cannabis for Medical Purposes Regulations (the “ACMPR”), Specialty Medijuana Products Inc. (“SMP”). SMP has submitted its Affirmation of Readiness (“AOR”) evidence package to Health Canada and expects to receive a cultivation license from Health Canada within the next several weeks. In connection with the transaction, Choom has successfully completed an offering of subscription receipts at a price of $0.60 each for total gross proceeds of $7.0 million. None of the securities issued in connection with the transaction or the offering may be offered or sold in the United States.
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Channeling the spirit of Hawaii in the Okanagan, high-grade handcrafted strains by Choom™ are all about cultivating good times and good friends. Choom™ was inspired by the Choom Gang; a group of buddies in Honolulu during the 1970s. Now, after four decades, Choom is bringing the spirit of Hawaii to the Okanagan. The company is planting its flag in the rapidly growing legal cannabis industry in Canada with its own brand of high-grade handcrafted herb. For more information, visit the company’s website at www.Choom.ca.
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