Sharebear wrote: While many firms are now scrambling to secure licenses just when regulators have implemented a limit, there were companies that have acted in advance.
One is Choom Holdings Inc. (CHOO:CNX[CNQ] - $0.47 0.015 (3.30%) ), an emerging cannabis company that has always set its eyes on the opportunities abound the cannabis retail market. In fact, Choom may have already secured one of the largest national retail networks in the country and is one of the only outfits capable of serving the entire cannabis sector, medical and recreational.
“The private retail market in Ontario provides the greatest opportunity across Canada for cannabis retailers. This channel in Ontario is poised to be larger than all the other private cannabis retail channels in Canada combined,” Chris Bogart, Choom president and CEO, said, announcing two additional executives that will oversee operations in the province.
The company has 90 offers to lease in Ontario. Of these, 20 are already secured, bringing Choom’s total to 78 retail opportunities across Canada. Out of 50 applications submitted, 35 development permits were received from various municipalities. Ten stores are now being constructed while seven stores more are near their completion.
There are other emerging firms which have chosen to pursue opportunities in the retail space, but few have managed to catch the eye of industry heavy hitters in the way that Choom has. The growing company has secured the support of Aurora Cannabis, and, in November 2018, Aurora completed a second financing in Choom bringing its total investment up to CAD 27 million in the retailer.
While Choom is more initially inclined toward providing recreational marijuana to adult users, it has started looking into opportunities in the medical use of cannabis.
In November, it acquired Clarity Cannabis Medical Center, along with its proprietary telemedicine platform which simplifies the purchase of legal medical marijuana for new patients with several health issues that may include chronic pain, seizures, and general anxiety.
"Our goal is to build a dominant national cannabis retail brand. The acquisition of Clarity Medical Centres allows Choom to service the entire Canadian cannabis market, beyond just the adult use channel,” Bogart said at the time of acquisition.