VANCOUVER, March 12, 2019 /PRNewswire/ - Choom™ (CSE: CHOO)
(OTCQB: CHOOF) ("Choom"), an emerging adult and medical use cannabis company that has secured one of the largest national retail
networks in Canada, is pleased to announce 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 ("LOI") to purchase an equity interest in a New Jersey based (the "NJ Company") medical retail dispensary applicant in New
Jersey's upcoming Request of Applications ("RFA") 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.
"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." states Chris Bogart, President & CEO of Choom Holdings Inc. "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."
The terms are not material.
Say hello to ChoomTM
Choom™ 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.
"Chris Bogart"
President & CEO
Cautionary Statement:
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Forward-looking information
This news release contains forward-looking information relating to the Company's proposed activities and other statements that
are not historical facts. Forward-looking information relates to management's future outlook and anticipated events or results,
and include statements or information regarding the future plans or prospects of the Company. Although management of the Company
has attempted to identify important factors that could cause actual results to differ materially from those contained in forward
looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. These factors
include risks and uncertainties associated with regulatory approvals, changes in state or US federal laws and policies governing
medical or adult use cannabis sectors, the results of diligence investigations, developments in the cannabis sector, delays
resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and
external sources, reliance on key personnel, regulatory risks and delays and other risks and uncertainties discussed in the
management discussion and analysis section of the Company's interim and most recent annual financial statement or other reports
and filings, including the Company's Listing Statement, made with the applicable Canadian securities regulators. There can be no
assurance that such information will prove to be accurate, as actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information.
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SOURCE Choom Holdings Inc.