Wall Street Signals: Choom Signs LOI to Enter Florida Market Through Investment in Vertically-Integrated Cannabis Applicant

Choom Signs LOI to Enter Florida Market Through Investment in Vertically-Integrated Cannabis Applicant

Choom Holdings Inc. (Choom™) (CSE:CHOO) (OTCQB: CHOOF) ("Choom"), an emerging adult and medical use cannabis company that has secured one of the largest national retail networks in Canada, is pleased to announce, following its strategy to become a multi-state operator, that it intends to expand into Florida.  Choom, through its wholly owned US subsidiary, Choom Holdings USA Inc., has signed a letter of intent (“LOI”) to purchase a 95% equity interest in a Florida-based vertically-integrated cannabis applicant (the “FL Company”).

The FL Company is advancing on its Master License application to work up to 25 retail stores with potential for additional as the quantity of enlisted patients increment, just as, a small scale handling and development office for therapeutic purposes. After finishing the exchange, Choom will utilize its therapeutic image, Clarity Medical Centers, to make a system of marked Medical Marijuana Treatment Centers. Florida's therapeutic pot program has more than 190,000 qualified patients, up from roughly 168,000 toward the beginning of 2019, making it the biggest restorative cannabis advertise in the United States. Florida has as of late permitted the utilization of smokable medicinal weed items, conceivably opening the program to a significantly bigger crowd.

“We are very excited to be expanding into Florida and to bring Choom’s medical brand into that market.  Florida’s medical marijuana program is a very attractive opportunity for us seeing that it allows for vertically-integrated operations and it has been a market we’ve had our sights on for a while now,” states Chris Bogart, President & CEO of Choom. “This investment aligns with our strategy of becoming a multi-state operator in the US and helps us to bolster our growth targets. Florida is home to over 21 million residents and has shown impressive year over year growth on the number of registered patients with a large portion of the market being relatively uncaptured.”

The terms of the LOI are not material.

Say hello to ChoomTM
Choom™ 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 1970's who loved to smoke weed—or as the locals called it, “Choom”.Evoking the spirit of the original Choom Gang, our brand caters to the Canadian adult use market with the ethos of ‘cultivating good times’. Choom™ is focused on delivering an elevated customer experience through our curated retail environments, offering a diversity of brands for Canadians across a national retail network.  

“Chris Bogart” 
President & CEO

Contact: Choom Holdings Inc.

Chris Bogart
President & CEO
T: 604.683.2509
F: 604.683.2506
E: chris@choom.ca 

Alex Porporo
Investor Relations
T: 604.683.2509 Ext. 231
F: 604.683.2506
E: alex@choom.ca