Breaking News: Choom™ Announces Closing of Specialty Medijuana Products

Breaking News: Choom™ Announces Closing of Specialty Medijuana Products

Dear Seed Investor, 

What a week for our #1 Stock Pick Choom&commerce; (CSE: CHOO; OTCQB: CHOOF)​ as they announce the closing of its purchase of Specialty Medijuana Products.  

This follows the announcement earlier this week of a $10 Million positioning, with $7 Million coming from Aurora Cannabis, resulting in record highs in both stock price and volume.

This closes another Late Stage ACMPR Applicant under the Choom umbrella, and it is expected to get its cultivation license at any time. 

Not to mention the ability to scale climbing facilities and increase production capacity to 700,000 sq ft.

Needless to say, this is more great news for Seed Investors trying to find a small cap that’s ready to explode. 

READ THE FULL RELEASE BELOW: 

Choom&commerce; (CSE: CHOO; OTCQB: CHOOF), an emerging fully-integrated cannabis company, is pleased to announce that today it is closing its acquisition of Specialty Medijuana Products Inc. pursuant to an amended and restated amalgamation agreement among Choom, Arbutus Brands Inc. and International Tungsten Inc.. The business announced the definitive agreement to effect the Transaction in a news release on March 19, 2018.

“We are excited to include SMP to the Choom group of companies under our Arbutus Brands subsidiary,” says Chris Bogart, President and CEO for Choom. “Arbutus Brands will add value to the whole Choom supply chain, from seed to sale. The synergies among our Choom companies will make for a very bright and exciting future as we approach the legalization of the recreational cannabis market in Canada. ”

The benefits of the Transaction for Choom&commerce; include that it will:

  • Empower Choom&commerce; to acquire SMP, which has filed its AOR evidence package to Health Canada and hopes to get its cultivation license anytime;
  • Create significant synergies in operational infrastructure and experience across multiple disciplines to drive strong growth potential;
  • Significantly enhance and advance operational scale and production capacity; and
  • Strengthen and accelerate Choom’s strategic direction as a fully-integrated cannabis company, representing a premiere lifestyle brand in Canada.

    SMP, located in Canada’s beautiful Sooke, BC, is dedicated to becoming a Certified Producer of cannabis under the ACMPR. SMP was founded by a seasoned business team with extensive experience in developing cannabis, the operation of pharmacies, medical clinics, land development and construction. The SMP team, in conjunction with Choom’s&commerce; management team, strategy to build upon their collective past business successes and leverage their experience to make Canada’s premiere lifestyle brand in adult-use cannabis.

    Facility Overview

    SMP’s bud production growth strategy is expected to be executed in three phases:

    • Phase I – First Facility: AOR evidence package submitted to Health Canada: Building is at operational readiness with state-of-the-art-facilities, consistent with ACMPR standards, and SMP hopes to get its cultivation license from Health Canada in Summer 2018.
    • Phase II – Second Facility: Expand present production by building an approximately 19,600 sq. ft. facility that will bring total production capacity to over 29,000 sq. ft. from the joint facility footprint.
    • Phase III – New Facility: Expand present production by building two additional buildings that will raise the total building gross square footage to just over 700,000 sq. ft. This new centre, a hybrid design of indoor and greenhouse production, is expected to attract Choom’s total production capacity to over 700,000 sq. ft. The Municipality of Sooke has already approved cannabis production zoning for the website. The building expansion matches inside the zoning regulations and final planning for this growth is currently underway.

    The Arbutus Team

    Arbutus’s team has the experience to ensure that they successfully navigate the ACMPR licensing process and deliver on their vision. The team includes from SMP: 

    Named among 2017’s Top Entrepreneurs by Quantum Shift, Michael has a long history of creating and operating successful companies in the pharmaceutical and health care industries. Over the course of 14 years in business, he’s created and operated a chain of nine pharmacies and eight medical clinics, including three methadone clinics, employing over 160 people.

    This experience led to him being nominated to help make the processes for the College of Pharmacists of British Columbia in 2010. His experience in creating standard operating procedures in the pharmaceutical area is very important in ensuring suitable drug dispensing to the public. This experience is crucial in creating trust with the customer and the business at large. Mr. Forbes will be joining the Choom&commerce; Board of Directors upon the completion of the Transaction.

    Ian Laing

    Ian has more than 20 years of experience in real estate, construction and development in a range of areas, including apartment buildings, custom home construction, land development, rezoning, condos, commercial and industrial buildings.

    Since 1998, Ian has always proven his ability to build and grow multimillion-dollar jobs from the bottom up. He has a background in Urban Land Economics from the University of British Columbia and a commitment to building with integrity. Ian is now running four companies and has experience in the recreational area with Salt Spring Island Brewery. This experience is expected to benefit the development of SMP’s business practices and the anticipated build out and scaling of facilities. SMP will rely on this experience as it develops its facilities and expands operations.

    Neil MacLean has over 20 years of experience with the Department of National Defence (“DND”), primarily dealing with electronics, and formerly was an environmental officer for HMCS Huron. His safety and WHMIS training, together with his understanding of safety processes, are expected to assist SMP with compliance with the maximum level of government regulations. He has effectively managed the integration of new systems and equipment, and has extensive personnel training experience, which, together with his training in environmental issues, electronics and operations of complex systems, will support the operational side of SMP. 

    In connection with the completion of the Transaction and pursuant to the amended and restated amalgamation agreement:

    • Choom will issue 52,031,110 Choom Shares and 39,968,890 Choom Share Commitments to the former holders of common shares and special warrants of International Tungsten Inc..
    • Every Choom Share Commitment will convert into one Choom Chat or three-quarters of a Choom Share based upon the grant date of the SMP cultivation license and such Choom Shares will be subject to a 3 year escrow release from closing
    • Choom will issue 1,000,000 stock options
    • Choom will issue 4,000,000 Common Shares to finders

    On completion of the Transaction, SMP will become an indirect subsidiary of Choom through Choom’s direct subsidiary Arbutus Brands.

    SAY HELLO TO CHOOM&commerce;

    The Choom brand is inspired by Hawaii’s”Choom Gang”- a group of friends in Honolulu during the 1970’s who loved to smoke weed–or as the locals called it, choom. Evoking the spirit of the first Choom Gang, our brand is synonymous with cultivating good times with great friends. We are focused on providing an elevated customer experience through our curated retail surroundings, high-grade handcrafted cannabis supply, and a diversity of brands for the Canadian recreational customer.


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

    Investor Relations
    T: 604.683.2509
    F: 604.683.2506
    E: alex@choom.ca

    ___________________________________________________________________________________

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    Released at Fri, 15 Jun 2018 15:50:31 +0000

    Posted in: News

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