Aurora Cannabis has provided an update on its investment in consumer cannabis company Choom Holdings.
March 8, 2019 By Grow Opportunity Staff
Aurora completed its $27 million investments in the Choom private placement on June 18, 2018, and the convertible debenture offering on Nov. 5, 2018.
Since then, Choom has completed the buildouts of 17 retail locations across Western Canada and has eight additional retail locations currently under construction. It has also completed the buildout of an e-commerce channel, among other initiatives.
“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.”
“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.”
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