Company takes further steps to become current with the SEC and files to rebrand as Pineapple, Inc.; Anticipates beginning to receive revenues from portfolio asset Pineapple Ventures, Inc. in 2020
LOS ANGELES, Dec. 31, 2019 (GLOBE NEWSWIRE) -- PINEAPPLE EXPRESS, INC. (OTC Grey: PNPL) (the “Company” or “Pineapple Express”), a publicly traded company in the legal cannabis industry that through its portfolio of assets offers operational management, technology, capital, IP licensing, and turn-key property rentals, today announced that it anticipates filing its annual report for the fiscal year ended December 31, 2018 with the United States Securities and Exchange Commission in January of 2020. The Company’s management anticipates filing the requisite reports shortly thereafter in order to fully comply with its reporting obligations, allowing the Company to upgrade to the OTCQB, subject to FINRA and SEC approval.
In addition, the Company also announced it is in the process of rebranding its name to Pineapple, Inc., which is anticipated to occur in February of 2020 subject to SEC approval. The rebranding as Pineapple, Inc. comes shortly after the biggest highlight of the year for the Company, involving a share exchange and 50% equity stake in Pineapple Ventures, Inc. (PVI). Pineapple Express granted PVI perpetual use of its domain and name. PVI, a company that specializes in the delivery of legal, dependable, quality medicinal and recreational cannabis has state licenses to operate at newly leased properties that are currently being developed for cannabis cultivation, manufacturing, distribution, retail storefront, and consumer delivery services throughout Southern California. PVI has successfully launched its cannabis delivery service via its new and improved website PineappleExpress.com. Customers will also be able to soon order cannabis deliveries from kiosks placed strategically around Southern California in bars, restaurants, and hotels such as the first one being placed in State Social House on the World Famous Sunset Strip in West Hollywood. Other projects are in the process of being built and are expected to be operational in the first quarter of 2020. Pineapple Express will receive 50% of all net income generated by these cannabis licenses that are owned and operated by PVI.
In addition, through a subleasing entity, Nordhoff Leases LLC, PVI shall receive rental revenue from 3 separate cannabis licensed entities that occupy over 38,000 square feet of warehouse space in Chatsworth, CA. PVI leverages its owned and managed cannabis licensees, real property rental and subleased assets, along with Pineapple Express’ brand recognition and intellectual property, in order to penetrate the cannabis market from ‘seed to sale’ for cultivation, manufacturing, distribution, retail storefronts and delivery in the State of California. In addition, through PVI’s newly formed Pineapple Wellness brand, the Company aims to be a trusted source for hemp-derived CBD products which can be sold to customers nationwide. “We are excited with the strides that we have taken this year and look forward to a great 2020,” said Shawn Credle, CEO at Pineapple Express.
About Pineapple Express, Inc.
Pineapple Express, Inc. is based in Los Angeles, California and is a publicly traded company in the legal cannabis industry that through its portfolio of assets offers operational management, technology, investments, IP licensing, and turn-key property rentals. We believe that our competitive advantages include our wealth of experience, business model, exclusive proprietary technology and intellectual property, and key industry contacts in an industry that is foreign to most. It is our expectation that these factors will set us apart from most of our competitors.
All statements other than statements of historical facts contained in this press release are “forward-looking statements,” which may often, but not always, be identified by the use of such words as “expects”, “anticipates”, “intends”, “estimates”, “plans”, “potential”, “possible”, “probable”, “believes”, “seeks”, “may”, “will”, “should”, “could” or the negative of such terms or other similar expressions. These statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. These factors include uncertainties as to the application and enforcement of U.S. and state federal laws in the cannabis industry (including to the Company’s business activities and the business activities of some of its customers and counterparties), ability to attract new canna-business clientele, successfully implementing the Company’s growth strategy (including relating to the Company’s intention to create a nationally branded and vertically integrated chain of cannabis retail stores under the “Pineapple Express” name and anticipated development of Company-owned cultivation and processing facilities), dependence on key Company personnel, timing of the filing the Company’s Form 211 with FINRA and clearing related comments, obtaining approval for the Company’s common stock to be quoted on one of the three OTC Markets, changes in economic conditions, competition and other risks including, but not limited to, those described from in the Company’s Registration Statement on Form 10, filed with the Securities and Exchange Commission on January 23, 2018 (the “SEC”), and other filings and submissions with the SEC. These forward-looking statements speak only as of the date hereof and the Company disclaims any obligations to update these statements except as may be required by law.
Matthew Feinstein, Director
Pineapple Express, Inc.