Choom announced a non-brokered private placement worth C$10 million, including a C$7 million lead order from Aurora Cannabis.
As quoted in the press release:
The private placement will consist of up to 14,084,507 common shares at a price of $0.71 per share and is expected to close on June 18, 2018.
“We are delighted to have the confidence and support of one of the world’s leading cannabis companies as we move forward with our retail cannabis strategy,” states Chris Bogart, President and CEO of Choom™. “With the legalization of adult use cannabis in Canada on track, Choom™ is positioning itself to be one of the leading premium choice brands for Canadian consumers. This investment by Aurora accelerates our corporate strategy of delivering a true seed to sale experience through an offering of high quality cannabis to Canadian consumers across the country.”
“Our investment in a consumer-focused brand with a strong retail strategy offers Aurora additional growth opportunities through supply, retail and distribution to the adult consumer use market, once legalized,” said Terry Booth, CEO of Aurora. “We’re excited to strengthen our relationship with the team at Choom and help amplify their market reach as they continue to execute on their differentiated craft growing philosophy and their unique retail strategy.”