Company Brands the Dispensary as ‘Pineapple Express’ which will complement other Pineapple Express locations opening soon
LOS ANGELES, CA, Aug. 06, 2021 (GLOBE NEWSWIRE) -- PINEAPPLE, INC. (OTC Grey: PNPL) (the “Company” or “Pineapple”), a publicly traded company in the legal cannabis industry with a portfolio of assets spanning operational management, technology, IP licensing, cannabis property rentals, and equity ownership in cannabis retail and production facilities, announced today that it purchased a 50% equity interest in Capital Growth Investments, Inc. and branded as Pineapple Express (“CGI”), a Palm Springs licensed dispensary, delivery, and manufacturing facility spanning 6000 sq ft in downtown Palm Springs, CA. The exact address of the new dispensary is 695 S. Williams Rd. Palm Springs, CA 92264.
The deal was executed between the Company and its minority owned portfolio company, Pineapple Ventures, Inc. (“PVI”), whereas PVI sold 50% of CGI to the Company in exchange for a million dollar promissory note that the Company shall pay to PVI in installments of $100,000 within 5 days of execution, and the balance of $900,000 within 60 days of execution. The Company will acquire a 5% and a 45% stake in CGI corresponding to the timing of the respective payments. PVI retained a 30% equity stake in CGI and PVI will continue to manage CGI’s operations in perpetuity, under the Pineapple Express brand, in exchange for a management fee on all retail sales. “We’re excited to take this next step in scaling our operational footprint with Pineapple Inc.,” said Marco Rullo, CEO of PVI. “To date we have invested over $2 million developing this Dispensary asset, including over $1.4 million in construction costs paid to get it built from the ground up.”
Pineapple's CEO Shawn Credle said, “This is just the first of many big announcements and ‘Grand Openings’ that we anticipate making for PVI and Pineapple in concert with one another. We are excited for what’s to come and have been working hard at it.” Mr. Credle added, “Besides our Palm Springs Dispensary set to launch shortly, we also have our location at Pico and Robertson near Beverly Hills, CA that we will be launching to the public, which is anchored by our cannabis delivery service at www.PineappleExpress.com and will service deliveries to the surrounding areas. Most notably, we have our PVI managed and owned dispensary at the iconic/historic intersection at Hollywood and Vine expected to launch in early September 2021. We will be updating shareholders with in-depth press releases on each of these breakthrough events for the Company and wanted to highlight now what's to come for us, and what we have been working so hard on over the last 2 years at Pineapple. We believe that our future is bright.”
About Pineapple, Inc.
Pineapple, Inc. (the “Company” or “Pineapple”) is based in Los Angeles, California. Through its operating subsidiary Pineapple Express Consulting, Inc., as well as its 45.18% owned portfolio company, Pineapple Ventures, Inc. (“PVI”), the Company runs a cannabis delivery service, Pineapple Express, via www.PineappleExpress.com, as well as hemp CBD e-commerce company, Pineapple Wellness, via www.PineappleWellness.com. PVI also provides capital to its canna-business clientele, lease real properties to those canna-businesses, take equity positions and manage those operations, and provide consulting and technology to develop, enhance, or expand existing and newly formed infrastructures. Pineapple is built to become the leading portfolio management company in the U.S. cannabis sector. The Company’s executive team blends enterprise-level corporate expertise with a combined three decades of experience operating in the tightly-regulated cannabis industry. Pineapple’s strategic asset integration has provided it with the infrastructure to support its subsidiaries with cost-effective access to all segments of the vertical: from cultivation and processing, to distribution, retail and delivery. With its headquarters in Los Angeles, California Pineapple’s portfolio company, PVI, is rapidly increasing its footprint throughout the state and looking to scale into underdeveloped markets.
Forward-Looking Statements:
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 Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 16, 2021 (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.
Company Contact:
Matthew Feinstein, Director
Pineapple Express, Inc.
Office: 877-310-PNPL
