LOS ANGELES, Feb. 24, 2016 (GLOBE NEWSWIRE) -- PINEAPPLE EXPRESS, INC. (OTCPink:PNPL) (the “Company”), a publicly-traded company that offers cannabis industry consulting, technology, investments, turn-key property rentals, and branding concepts to businesses in the legal cannabis industry, issued a photo release regarding its City of Desert Hot Springs CA (“DHS”) 8.82 acre cultivation complex project, called “Pineapple Park.” The release contains a rendering of what the complex will resemble as well as a schematic site plan. The Company also discussed that its project already has electrical power and utility service to the main parcel, a key advantage over some other projects in the area.
Photos accompanying this announcement are available at http://www.globenewswire.com/NewsRoom/AttachmentNg/1d716500-342f-49a7-aaeb-4c750a15cbac and http://www.globenewswire.com/NewsRoom/AttachmentNg/76b2382d-6a02-42f7-a1e0-1b78235f2d21
“Our 'Pineapple Park' project is slated to have over 150,000 square feet of rentable warehouse space and 50,000 square feet of rentable greenhouse space,” stated Matthew Feinstein, CEO and Chairman at Pineapple Express. “We are also pursuing solar power and windmills to mitigate and reduce power usage and cost for our future tenants. Pineapple Express plans to provide all our future tenants with an onsite cannabis testing laboratory to ensure the cultivated products are free of contaminants and of the highest quality. The testing laboratory will be yet another revenue source for us besides rent being collected from Pineapple Park tenants.”
Company executives also expressed positive sentiments about their own project in DHS in light of the lack of electrical power to a large portion of the designated areas where cultivation is allowed within the city. On February 11th 2016, Company representatives attended a workshop hosted by the City of Desert Hot Springs and Southern California Edison addressing the power issues that many cultivation projects face in DHS. At the meeting it was discovered that a significant number of projects would likely not have utility services for another few years.
Mr. Feinstein added, “We are obviously quite enthusiastic that many other cultivation projects in DHS will likely be tied up for years based on information we discovered at the city’s workshop. Our project will fortunately not be delayed due to the power crunch and as a result, we are offering some of our greenhouse and warehouse space rentals to these stalled projects in order to lend a helping hand in the interim. We feel it is the right thing to do since it came as quite a surprise to many at that meeting that utility services would take that long to develop in the area.”
About Pineapple Express, Inc.
Headquartered in Los Angeles, CA, Pineapple Express, Inc. is a publicly traded company that invests in, expands, and brands existing and newly established canna-businesses through expert consulting and cutting-edge technology. We provide capital to our canna-business clientele, lease real properties to canna-businesses, and provide consulting and technology to operators within the cannabis industry. We intend to create a nationally branded chain of company- owned cannabis retail stores under the "Pineapple Express, Inc." name, as soon as federal laws allow. As long as cannabis remains federally illegal, our operations will be limited to consulting, product licensing, leasing to and investing in existing and new canna-businesses, selling industry specific technology and branding/retail concept support services. Home to some of the most experienced and well-connected minds in the business, the Company is at the forefront of the legal cannabis industry.
Forward-Looking Statements:
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. Statements that are not a description of historical facts constitute forward-looking statements and 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. Actual results may differ materially from those set forth in this release due to the risks and uncertainties inherent in the Company's business, including that we have a limited operating history, are dependent upon key personnel whose loss may adversely impact our business, and some of our business activities and the business activities of some of our customers and counterparties, while believed to be compliant with applicable state law, may be illegal under federal law because they violate the Federal Controlled Substances Act. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. More detailed information about the Company is available at www.otcmarkets.com/stock/PNPL/quote. All forward-looking statements are qualified in their entirety by this cautionary statement and the Company undertakes no obligation to revise or update this release to reflect events or circumstances after the date hereof.