New Report Finds Cannabis Sales May Triple to $30 Billion by 2023

Financialnewsmedia.com News Commentary

PALM BEACH, Florida, July 17, 2019 /PRNewswire/ -- Recent cannabis industry retail sales revenues are projected by Marijuana Business Daily's annual Marijuana Business Factbook to triple to $30 billion by 2023. If these numbers are not enough to excite you (which they should!) according to a Bank of America analyst, the cannabis industry could one day offer peak annual sales potential of $166 billion, and disrupt industries that currently total $2.6 trillion in yearly sales. In Canada, Ontario's cannabis business is expected to see a big bump in sales thanks to people who, up to recently, have avoided buying legal weed online. Ontario sales alone reached $9 million this past December, lagging behind Alberta and Quebec despite having a much larger market, according to the last figures made available by Statistics Canada. Active companies in the industry making moves to ready that include: Choom Holdings Inc. (CSE: CHOO.CN) (OTCQB: CHOOF), High Tide Inc. (CSE: HITI.CN) (OTCQB: HITIF), Curaleaf Holdings, Inc. (CSE: CURA.CN) (OTCQX: CURLF), Trulieve Cannabis Corp. (CSE: TRUL.CN) (OTCPK: TCNNF), MedMen Enterprises Inc. (CSE: MMEN.CN) (OTCQX: MMNFF).

Choom Holdings Inc.  (CNQ: CHOO) (OTCQB: CHOOF) BREAKING NEWS:  Choom is pleased to announce that, pursuant a convertible debenture issued to Choom by Coastal Green Holdings Ltd., Choom will, on conversion of the debenture, acquire a 19.9% equity interest in Coastal Green.

Choom's investment includes various rights, including the right in certain circumstances to acquire 100% of Coastal Green, subject to regulatory restrictions on the number of cannabis retailers Choom may own over time. This investment provides another avenue for Choom to expand its growing cannabis retail footprint in British Columbia and Alberta. Coastal Green has submitted its application to the British Columbia Liquor and Cannabis Regulation Branch ("LCRB") to become an approved retailer with the intention of opening 8 retail stores mostly localized on the islands off the west coast of British Columbia. Choom will assist Coastal Green by providing support with its cannabis retail operational expertise and store development.