MarketNewsUpdates.com News Commentary
As the Canadian recreational cannabis market approaches its birth with legalization quickly approaching, leaders in the industry are preparing for the inevitable consumer demand through ramped up measures to add strategic locations as well as well as a growing number of mergers and acquisitions. As a whole, Canadians spent north of $5 billion on cannabis in 2017 according to data released by Statistics Canada. That number is projected to increase when recreational cannabis becomes readily available. One of the big reasons that marijuana is no longer being viewed as taboo was publish in an article published by Deloitte, titled ‘Recreational Marijuana Insights and Opportunities,’ as it found that the typical recreational marijuana consumers were not looking for a quick high but instead use marijuana for medical needs such as a sleep aid or stress reducer. Active companies in the industry making moves to ready that include: Choom™ Holdings Inc. (CSE:CHOO) (OTC:CHOOF), Hiku Brands Company Ltd. (OTC:DJACF) (CSE:HIKU), Medmen Enterprises Inc. (OTC:MMNFF) (CSE:MMEN), Newstrike Resources Ltd. (OTC:NWKRF) (TSX-V:HIP), Namaste Technologies Inc.”s (OTC:NXTFF) (TSX-V:N).
Choom™ Holdings Inc. (CSE: CHOO) (OTCQB: CHOOF) BREAKING NEWS: Choom™, an emerging, fully-integrated cannabis company, is pleased to announce that it has advanced the build-out of its cannabis retail store network in Alberta and British Columbia.
Choom™ has secured the rights to an additional 7 retail locations in Alberta. Choom has 25 leases in highly strategic and secure locations in Alberta with 24 applications submitted. Choom has also secured 3 additional B.C retail leases, combined with the existing 7, for a total of 10 retail opportunities in B.C. In all cases, the retail opportunities are subject to all necessary governmental and municipal approvals being granted. This number is expected to grow over the coming months as the Company is currently negotiating additional leases with the intention of submitting applications for retail licenses. The following link will bring you to our retail opportunity map: https://investors.choom.ca/wp-content/uploads/2017/11/ChoomRetailMap.pdf
‘This is a significant step towards establishing Choom”s strategy to be a leading private cannabis retailer in Canada,’ states Choom”s President and CEO, Chris Bogart, he also adds, ‘Market share and customer acquisition in the upcoming recreational landscape will be very difficult to come by, these applications are key to Choom”s retail strategy. Choom”s brand was created exclusively for the recreational market, core to our values is cultivating a great experience for the consumer and part of this strategy is retail distribution. We are committed to pursuing retail licensing opportunities across the country and remain focused on cultivating ”Good Time with Good Friends”.’ Read this and more news for Choom™ at: http://www.marketnewsupdates.com/news/choo.html
Additional industry related developments from around the markets:
Hiku Brands Company Ltd. (OTCPK:DJACF) (CSE:HIKU.CN) and WeedMD Inc. (WDDMF) recently announced that WeedMD has obtained an interim order from the Ontario Superior Court of Justice authorizing the holding of an annual and special meeting (the ‘WeedMD Meeting’) of WeedMD shareholders (‘WeedMD Shareholders’) to consider the previously announced merger (the ‘Merger Transaction’ or the ‘Arrangement’) between Hiku and WeedMD. As described in the joint Hiku and WeedMD press release dated April 19, 2018, WeedMD will be seeking WeedMD Shareholder approval for the Arrangement under the Business Corporations Act (Ontario) (the ‘Arrangement Resolution’). The WeedMD Meeting to consider the Arrangement Resolution will be held on Wednesday, July 11, 2018 at 10:00 a.m. (Toronto time) at Fogler, Rubinoff LLP, located at TD Centre North Tower, Suite 3000, 77 King Street, Toronto, Ontario.
Medmen Enterprises Inc. (OTCQB:MMNFF) (CSE:MMEN.CN) recently announced that the Company opened its newest store on Venice”s Abbot Kinney Boulevard on Saturday. With banks of news media cameras surrounding the storefront, Medmen co-founders Adam Bierman and Andrew Modlin cut the ribbon. They were flanked by U.S. congressman Ted Lieu, California state senator Ben Allen, assembly member Reggie Jones-Sawyer and celebrity Rosario Dawson. Lines of customers waited to enter the store. Mr. Lieu, whose district includes Abbot Kinney, welcomed customers and greeted the press. It marked the first known time an active U.S. congressman was featured in the grand opening of a marijuana dispensary. It underscored how mainstream marijuana has become, and how California is leading the way.
Newstrike Resources Ltd. (OTCPK:NWKRF) (TSX-V:HIP.V) recently announced its wholly owned subsidiary and licensed producer, Up Cannabis Inc., has joined the newly formed Global Cannabis Partnership as a founding member, and will contribute to its mandate of creating a worldwide social responsibility standard for the safe and responsible production, distribution, and consumption of legal adult-use cannabis. The partnership, announced earlier today at the World Cannabis Congress in Saint John, N.B., includes a wide range of stakeholders including government agencies, licensed producers and affiliate organizations that will focus on the legalized cannabis industry.
On June 18, further to Namaste Technologies Inc.”s (OTCQB:NXTFF) (TSX-V:N.V) Jan. 18, 2018, letter of intent that the company has signed a subscription agreement to acquire 10 per cent of the issued share capital of Israeli licensed producer of medical cannabis, Cannbit Ltd., for 2.5 million Israel new shekels or approximately $908,000, which includes a combination of both cash and shares. Subsequently, Cannbit has also signed a binding agreement to complete a merger with a company listed on the Tel Aviv Stock Exchange, whereby Cannbit will retain 85-per-cent ownership of the combined public entity, the company believes that its investment will be immediately accretive in nature based on the valuation metrics of the transaction which consequently valued Cannbit significantly higher than what Namaste acquired its 10-per-cent equity stake for. In anticipation of closing this transaction, Namaste has established a supply arrangement with Cannbit to export cannabis to the Canadian market (subject to approval by Health Canada and the Israeli government), and will also engage with Cannbit to expand the company”s Israeli-based vaporizer sales platform.
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