Choom Provides Update on its Retail Development Strategy

Published: March 8, 2019

Choom Provides Update on its Retail Development Strategy

Choom has provided an update on its retail development strategy as an emerging consumer cannabis company that has secured one of the largest retail networks in Canada. Choom has successfully achieved a number of its strategic growth initiatives:

  • June 19, 2018 – Secured 10 additional cannabis retail opportunities in Alberta and British Columbia
  • August 23, 2018 – Secured 12 additional cannabis retail opportunities in Alberta and British Columbia
  • September 24, 2018 – Choom was added to Canadian Securities Exchange’s CSE25 Index
  • September 25, 2018 – Choom was included to the Horizons Marijuana Life Sciences ETF
  • December 10, 2018 – Choom completed the acquisition of Clarity Cannabis Medical Centers, which includes five new medical centers and a proprietary telemedicine platform
  • February 13, 2019 – Choom entered into LOI with Ontario Cannabis Retail Store Applicant
  • February 19, 2019 – Choom completed buildout of a customized e-commerce channel through a licensed enterprise-level platform. The platform ensures flexibility to handle both B2C and B2B sales to service and sell to any type of buyer in the cannabis industry.
  • February 27, 2019 – Choom signed a definitive agreement to acquire Clarity Cannabis retail stores in Alberta, adding 30 retail locations in Alberta, 3 of which have been licensed by the Alberta Gaming, Liquor & Cannabis Commission (“AGLC”).

Choom has completed the buildouts of 17 retail locations across Western Canada and has 8 additional retail locations currently under construction. In all cases, these retail opportunities are subject to all the necessary provincial regulatory approvals.

“Choom has demonstrated a strong commitment to rapidly executing its strategic growth plans by developing a sophisticated retail channel across Western Canada while diversifying their operations through further expansion into Ontario,” said Terry Booth, CEO of Aurora. “Through our strategic investment, we have helped to expedite Choom’s commercial launch across Canada. I’d like to congratulate the team at Choom on their success to date and look forward to the upcoming projects their team continues to work on as they roll out their unique retail brand experience across Canada.”

“Choom has been setting and achieving an aggressive pace to establish our retail strategy across the country,” said Chris Bogart, CEO. “We are successfully executing our strategy to acquire and open retail operations, and our new stores in Alberta and Ontario are examples of our recent successes. The establishment of a national cannabis retail sector remains in the very early stages and Choom is running hard and fast. In a very short period, we’ve been able to create one of the strongest retail networks across Canada. We are excited to have the opportunity participate in one of the largest consumer markets in decades and we look forward to our stores inheriting a portion of the estimated $4B+ of cannabis demand in the Country”.