Company announces reopening of Pineapple Express Hollywood as of Friday November 15, 2024; Relaunch event November 23rd at noon open to pubic 21+
LOS ANGELES, CA, Nov. 11, 2024 (GLOBE NEWSWIRE) -- Pineapple Consolidated, Inc. (the "Company" or "PCI"), a 25% minority-owned asset of Pineapple Express Cannabis Company (OTC: PNXP), is thrilled to announce the reopening of its flagship dispensary, Pineapple Express Hollywood, effective Friday November 15, 2024. The store was temporarily closed since August to facilitate certain administrative processes, allowing the LA Department of Cannabis Regulations the necessary time to review and approve the updates.
The Company also announced it is having an event that will be open to the public age 21+ with free food & beverages (while supplies last) as well as unbeatable deals on cannabis products, Saturday November 23, 2024 at noon.
"We are excited to welcome our customers back to our flagship location on the Hollywood Walk of Fame," said PCI Director Matthew Feinstein. "This reopening signifies not just the return of our dispensary, but also a renewed commitment to solidifying the best consumer experience through offering a robust selection of products at unbeatable prices.”
The reopening comes at a crucial time for the California cannabis industry, following Governor Gavin Newsom's emergency regulations that ban hemp-derived intoxicating cannabinoid products. These regulations, effective September 23, 2024, were designed to protect minors from accessing such products, which have been sold in liquor stores and smoke shops—often frequented by underage consumers. These establishments have taken advantage of this loophole, creating a new revenue stream at the expense of licensed cannabis retailers, such as Pineapple Express Hollywood.
Feinstein emphasized the impact of these products on the market: "The sale of intoxicating hemp products has been detrimental to our store and others in the legal cannabis sector, siphoning off market share and undermining the investments we’ve made in building a compliant business. Our company has dedicated millions of dollars to developing our infrastructure, securing six additional licenses, and maintaining leases to ensure compliance with city regulations."
As Pineapple Consolidated prepares to re-enter the market, Feinstein is optimistic about the future. Feinstein expressed confidence in the potential for growth in 2025, especially with anticipated changes to the federal scheduling of cannabis that will alleviate some tax burdens for retail cannabis businesses. "We believe that with the recent regulatory changes, we are finally on a level playing field that aligns with our original vision for entering the cannabis industry. We are excited to be a part of the evolving landscape of legal cannabis in Los Angeles, as we are in the final phase construction on five additional locations in prime areas such as Woodland Hills, Northridge, Beverly Grove, Echo Park, and Culver City."
About Pineapple Consolidated, Inc.
Pineapple Consolidated. Inc. is based in Los Angeles, California. The Company is engaged in legal cannabis retail under the brand name of Pineapple Express, Pineapple Consolidated Inc. (pineappleconsolidated.com), which owns and manages retail cannabis ventures under the Pineapple Express name and via www.PineappleExpress.com. Pineapple Consolidated seeks to become the leading portfolio management company in the U.S. cannabis industry. Pineapple Express is working to rapidly increase its footprint throughout California and looking to scale into underdeveloped markets.
Forward-Looking Statements:
Company Contact:
Matthew Feinstein,
Managing Director & Investor Relations
Pineapple Consolidated, Inc.
Office: 888-245-5703
