Deal includes licensing company’s corporate domain, corporate trademarks, and utilizing company technology
LOS ANGELES, Sept. 21, 2018 (GLOBE NEWSWIRE) -- PINEAPPLE EXPRESS, INC. (OTC Grey: PNPL) (the “Company”), 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 a strategic alliance with a legally permitted cannabis delivery company in California. Under the deal, the Company will earn royalties from licensing its corporate website and its Pineapple Express and THC trademarks. The delivery company will also outfit its fleet of transport vehicles with Pineapple Express’ patented “Top-Shelf” cannabis storage technology.
Management confirmed details of the strategy, which includes allowing the delivery company to convert Pineapple Express’ corporate website www.pineappleexpress.com into a state-of-the-art delivery platform that will bring a robust line of Pineapple Express and THC branded products directly to consumers in California, from licensed cannabis producers. By exclusively licensing its domain www.pineappleexpress.com, the Company’s website will be transformed into a delivery portal, showcasing branded CBD and THC infused products in exchange for a perpetual royalty of 10% on any product sold through the site. The deal also includes licensing of the Company’s THC and Pineapple Express trademarks for products to be sold in other retail channels off the site for a 10% perpetual royalty as well. The Company’s corporate information, data, and stock price will still be available and included on a dedicated tab within the site.
Management also confirmed the delivery company will be outfitting its fleet of anticipated transport vehicles servicing all of California with Pineapple Express’ patented Top-Shelf Storage Systems. These technologically advanced storage devices will allow each delivery driver to secure all products in an armored safe with interior locked compartments, weigh all products in real-time using dozens of electronic scales housed in the locked compartments within the unit, transmit real-time inventory data to an integrated point-of-sale and inventory management system, and authenticate transactions to consumers for legal compliance and record-keeping purposes while mobile.
“We have spent hundreds of thousands of dollars on our branding, trademarks, store design, and THC.com and Pineapple Express domains,” stated Matthew Feinstein, CEO of Pineapple Express. “In staying with our roots of wanting to strictly be a licensor of our domains, IP and branded store concepts, as well as a cannabis business landlord, we are capitalizing on the industry in the safest way possible while cannabis is still federally prohibited. This gives our shareholders and management ‘peace of mind’ while still operating at maximum capacity within this burgeoning industry.”
Management also commented on its progress of obtaining a market maker and transitioning to an elevated exchange on the OTC markets trading platform.
“We have secured a market maker that will be filing our 15C2-11, which will allow us to commence trading on an elevated market tier of OTCQB. However, since the process of attracting a market maker took as long as it did, we will now need to update our financials to include an audit of 2017 as well as the first 3 quarters of 2018 reviewed by our auditors. We are currently in the process of re-engaging with our SEC counsel and auditors to finalize those matters,” added Feinstein.