Company engages accounting compliance firm, reduces project expenditures, signs anticipated revenue generating leases with existing consulting clients.
LOS ANGELES, March 3, 2017 /PRNewswire/ -- 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, announced today that it has eliminated and restructured executive positions within the company, retooled its operating budget for existing projects, and also brought on a public company accounting and compliance firm to expedite filing of its registration statement with the SEC to become a fully reporting company.
The Company eliminated its Chief Compliance Officer position, which was useful in the company's initial maturation process but was becoming an unneeded and duplicative position, especially with the addition of the accounting and compliance firm, Company executives stated.
Additionally, the Chief Financial Officer was replaced with an experienced public company accounting and compliance firm, directing all financial reporting for the Company. The Company's CEO took on the role as interim CFO in concert with the aforementioned newly appointed accounting and compliance firm. All cuts resulted in a $30,000 reduction in monthly overhead expenses.
The company is focused on completing its audit on subsidiary, THC Industries, LLC, which will now need 2016 financials audited in order to accompany our already audited financials for the prior years to complete our filing requirements with the SEC to upgrade our status to fully reporting," stated Feinstein.
The company is also focused on supplying rental spaces to its consulting clients/tenants in Desert Hot Springs, California for commercial cultivation, as well as launching its THC.com e-commerce website and various product licensing deals.
Feinstein added, "Permits are issued, leases are signed with our clients, and buildings are in the process of being erected. We anticipate tenancy to begin in June for our clients. All while executing on a strategy to provide rental space to our clients without spending millions in development costs. As we transition to becoming a more seasoned Company we are learning what it takes to save capital and resources while still implementing our business model. In this industry, it's always been a marathon and not a sprint."
Company executives confirmed that current management and the Board of Directors for the company is comprised of: Matthew Feinstein as CEO & Chairman, Eric Kennedy, Esq. as an Independent Director, and Theresa Flynt, as VP of Business Development.