The 30th retail cannabis store in the Choom franchise has opened its doors in Westlock, Alberta.
The new location opened on Saturday, Sept. 28at 10140-107th Street in Westlock.
The new store joins 28 other locations in Alberta and the retailer’s store in Niagara Falls, Ontario.
“We look forward to welcoming the community of Westlock as we share our unique retail experience with the opening of another Choom branded cannabis store in Alberta,” said Corey Gillon, president of the company.
“This location represents another milestone achieved in our rapid growth strategy; we are thrilled to further expand our cannabis retail network throughout Alberta.”
In addition to a licensing agreement with the licensee of the Westlock location, Choom has entered in a purchase agreement with the licensee. Subject to receipt of approval from Alberta’s regulatory bodies, Choom will acquire the Westlock store. Choom has passed its due diligence and received approval from Alberta Gaming Liquor and Cannabis to operate in the Province of Alberta.
Choom is an emerging adult use cannabis company with a mission to establish one of the largest retail cannabis store networks in Canada.
The brand is inspired by Hawaii’s “Choom Gang” — a group of friends in Honolulu during the 1970s who loved to smoke weed — or as the locals called it, “Choom.”
Evoking the spirit of the original Choom Gang, the retail brand caters to the Canadian adult use market with the philosophy of cultivating good times.
On Sept. 20, the company (CSE: CHOO; OTCQB: CHOOF) announced it completed a non-brokered private placement for gross proceeds of $1 million through the issuance of 2.5 million units. Each unit consists of one common share and one-half of one transferrable warrant.
Each warrant entitles its holder to purchase an additional common share for 60 cents for a period of 18 months from closing. The company plans to use the proceeds from the private placement to build more retail cannabis stores and for general and administrative expenses.