Choom Holdings Inc (OTCMKTS: CHOOF) announced it is entering the United States, starting with the state of New Jersey. Choom through its wholly owned US subsidiary, Choom Holdings USA Inc., has signed a letter of intent to purchase an equity interest in a New Jersey based medical retail dispensary applicant in New Jersey’s upcoming Request of Applications that also intends to enter into recreational cannabis retail upon legalization, which is anticipated in 2020.
The NJ Company is advancing on its retail store strategy in New Jersey with the intention of receiving licenses to operate the maximum allowable cannabis stores for medical and eventually adult use when formally approved by the State. With these licenses, the NJ Company intends to create a network of branded stores using Choom’s medical brand, Clarity Medical Centres, or Choom (“Choom Brands”) for its recreational retail stores in the future. Choom will assist the NJ Company in this highly regulated market for the buildout and operations of cannabis retail stores. Choom will receive a royalty from the NJ Company for the use of the Choom Brands. Choom’s investment in the NJ Company includes pro rata rights to maintain its equity interest on future financings.
Choom™ (TSX: CHOO) is an emerging adult use cannabis company that has secured one of the largest retail networks in Canada. 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 with Good Friends’. 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.
Choom is currently developing a network of retail stores which will feature a curated selection of products from various licensed producers with a strong focus on elevated customer experiences for the adult use market. Choom has 3 stores operating in Alberta under Clarity Cannabis and is continuing to rapidly expand their commercial footprint in highly strategic locations. This includes a total of 8 stores under construction and an additional 17 stores having completed their build out in Western Canada. In all cases, the retail opportunities are subject to all the necessary provincial and municipal governmental approvals.
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Last month CHOOF announced the completion of its e-commerce platform. Choom, through a licensed enterprise-level platform, has completed the buildout of a top tier e-commerce retail solution. This online storefront will provide a customized shopping experience that’s integrated with Choom’s retail stores and capable of scaling to $500M+ annually. Choom has ensured the platform’s flexibility to compliantly handle both B2C and B2B sales to service and sell to any type of buyer in the cannabis industry.
On the US expansion CEO Chris Bogart stated:
“This is our first step into the United States, and we are very excited for our partnership with this experienced group to have the Choom Brands in New Jersey. New Jersey is home to over 9 million people currently being served by only 12 cannabis operators in its medical program. New Jersey is an exceptional market to expand the Choom Brands. We are very impressed with the progress they have achieved to date, and with our expertise in cannabis retail, we are confident we can help them successfully operate in the New Jersey market.”
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Currently trading at a $106 million market valuation CHOOF has $17 million in the treasury and is virtually debt free. CHOOF is an exciting story developing in small caps; the Company has 3 stores operating in Alberta under Clarity Cannabis and is continuing to rapidly expand their commercial footprint in highly strategic locations. This includes a total of 8 stores under construction and an additional 17 stores having completed their build out in Western Canada. We will be updating on CHOOF when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with CHOOF.
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Disclosure: we hold no position in CHOOF either long or short and we have not been compensated for this article.