Edmonton, AB – March 7, 2019 – Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB) (Frankfurt: 21P; WKN: A1C4WM) today provided an update on its strategic investment in Choom Holdings Inc. (“Choom”) (CSE: CHOO), an emerging consumer cannabis company that has secured one of the largest retail networks in Canada. Since Aurora completed its $27 million investments in the Choom private placement on June 18, 2018, and the convertible debenture offering on November 5, 2018, Choom has successfully achieved a number of its strategic growth initiatives.
June 19, 2018 – Secured 10 additional cannabis retail opportunities in Alberta and British Columbia
August 23, 2018 – Secured 12 additional cannabis retail opportunities in Alberta and British Columbia
September 24, 2018 – Choom was added to Canadian Securities Exchange’s CSE25 Index
September 25, 2018 – Choom was included to the Horizons Marijuana Life Sciences ETF
December 10, 2018 – Choom completed the acquisition of Clarity Cannabis Medical Centres, which included five new medical centres and a proprietary telemedicine platform
February 13, 2019 – Choom entered into a LOI with Ontario Cannabis Retail Store Applicant
February 19, 2019 – Choom completed the buildout of a customized e-commerce channel through a licensed enterprise-level platform. The platform ensures flexibility to handle both B2C and B2B sales to service and sell to any type of buyer in the cannabis industry
February 27, 2019 – Choom entered into a definitive agreement to acquire Clarity Cannabis Retail Stores in Alberta, adding 30 retail locations in Alberta, 3 of which have been licensed by the Alberta Gaming, Liquor & Cannabis Commission (“AGLC”)
Choom has completed the buildouts of 17 retail locations across Western Canada and has 8 additional retail locations currently under construction. In all cases, these retail opportunities are subject to all the necessary provincial regulatory approvals.
“Choom has demonstrated a strong commitment to rapidly executing its strategic growth plans by developing a sophisticated retail channel across Western Canada while diversifying their operations through further expansion into Ontario,” said Terry Booth, CEO of Aurora. “Through our strategic investment, we have helped to expedite Choom’s commercial launch while gaining valuable insights into the consumer decision making process which has helped to shape our product allocation and in-store marketing initiatives. I’d like to congratulate Choom on their success to date and look forward to the upcoming projects that the team continues to work on as they roll out their unique retail brand experience across Canada.”
“We’re only just getting started and our unique, elevated retail environments are now being established across the country,” said Chris Bogart, CEO of Choom. “With the strong support provided by Aurora, we’ve accelerated our growth initiatives, resulting in the rapid development of our retail footprint across Canada. We are excited to have the opportunity participate in one of the largest new consumer markets in decades and we look forward to inheriting a portion of the estimated $4B+ of cannabis demand in the country.”