VANCOUVER, British Columbia, March 25, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- PRESS RELEASE -- Choom Holdings Inc., an emerging adult and medical use cannabis company that has secured one of the largest national retail networks in Canada, has announced, following its strategy to become a multi-state operator, that it intends to expand into Florida. Choom, through its wholly owned U.S. subsidiary, Choom Holdings USA Inc., has signed a letter of intent (LOI) to purchase a 95-percent equity interest in a Florida-based, vertically-integrated cannabis applicant.
The Florida company is progressing on its Master License application to operate up to 25 retail locations with potential for more as the number of registered patients increase, as well as a micro-processing and cultivation facility for medical purposes. Upon completing the transaction, Choom will use its medical brand, Clarity Medical Centres, to create a network of branded Medical Marijuana Treatment Centers. Florida’s medical marijuana program has over 190,000 qualified patients, up from approximately 168,000 at the start of 2019, making it the largest medical marijuana market in the United States. Florida has recently allowed the use of smokable medical marijuana products, potentially opening the program to a considerably larger audience.
“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.
