PINEAPPLE EXPRESS, INC., a publicly traded company that offers consulting, technology, investments, turn-key property rentals and branding concepts to businesses in the legal cannabis industry, today announced that it has signed a non-binding letter of intent to enter into a merger with Pineapple Ventures, Inc. (“PVI”), which holds equity in multiple California-based cannabis delivery, manufacturing, cultivation, and distribution licenses. PVI also holds the right and title to the profits of a cannabis lease and sublease at a 38,000SF building in Chatsworth, California being subleased to various legally permitted cannabis operators.
Completion of the transaction is subject to the parties executing definitive documents, approval by each party’s shareholders and other customary closing conditions, including the Company resuming, and being current in, its filing obligations with the United States Securities and Exchange Commission. The parties hope to close the transaction during the first half of 2019. There can be no assurance however that the merger will be completed.
As part of the proposed merger, CEO and COO of PVI, Shawn Credle and Joshua Eisenberg, respectively, were recently appointed as the new executive team of the Company, and shall currently serve parallel roles in both entities.
Shawn Credle, CEO for Pineapple Express, Inc commented, “It is necessary for us to ‘get a good look under the hood’, as well as to prepare the Company for the merger, prior to combining the valuable assets of both businesses into one formidable and lucrative brand. We could only do that working internally together with the Pineapple Express team to resolve open issues and bring the Company current with its required public filings. We will continue to develop and strengthen the assets at both Pineapple Express and Pineapple Ventures while steps are being taken towards satisfying closing conditions for the merger over the next few months.”