Choom to Acquire Alberta, Canada Clarity Cannabis Retail Network.
M2 EQUITYBITES-February 28, 2019-Choom to Acquire Alberta, Canada Clarity Cannabis Retail Network
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28 February 2019 - Canada-based adult-use cannabis company Choom (CSE: CHOO) (OTCQB: CHOOF) has agreed to acquire a 30-location Canadian retail network from Clarity Cannabis MD Holdings, the company said.
Pursuant to the purchase agreement, Choom will pay CDN 2m, to the principal shareholder of Clarity and issue 6m Choom Shares to all of the shareholders of Clarity, subject to escrow release over two years.
Choom will pay CDN 500,000 to the principal and issue 2.5m Choom shares to all of the shareholders of Clarity, and issue 2.5m Choom shares to all of the shareholders of Clarity.
Choom will issue 8,867,000 Choom shares and pay CDN 2.5m to the principal in connection with the acquisition.
Upon approval from the AGLC, all of the Clarity retail stores and retail opportunities will be re-branded under the Choom Cannabis Co. name.
The completion of the acquisitions of the retail stores and retail opportunities will be dependent on the timing of the receipt of all necessary provincial and municipal approvals.
Choom 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, the brand caters to the Canadian adult use market with the ethos of cultivating Good Times with Good Friends. Choom is focussed on delivering an elevated customer experience through curated retail environments, offering a diversity of brands for Canadians across a national retail network.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Feb 28, 2019|
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