Pineapple, Inc. [PNPL] Updates Shareholders on Status of 2022 Regulatory Filings
Pineapple, Inc. (OTC Pink: PNPL), a legal cannabis industry company, has announced a delay in filing its 2022 Annual Report on Form 10-K due to recent changes in its business operations. This delay follows the divestment of an asset with direct plant-touching activities and is essential to ensure the accuracy of the financial information presented. The company is finalizing the Annual Report, which it plans to submit in the coming weeks, followed by the 2023 quarterly report. Chairman Matthew Feinstein emphasized the importance of thorough review during the OTC Markets Group transition to an elevated tier. CEO Shawn Credle acknowledged the patience of shareholders during this process, highlighting the company's dedication to transparency and accuracy.
- Company focusing on non-plant touching activities may mitigate regulatory risks.
- Management emphasizes accuracy and transparency in financial reporting.
- Delay in filing the 2022 Annual Report may raise concerns among investors.
- Recent divestment of direct plant-touching asset could signal operational shifts.
LOS ANGELES, CA, April 19, 2023 (GLOBE NEWSWIRE) -- PINEAPPLE, INC. (OTC Pink: PNPL) (the “Company” or “Pineapple”), is a company in the legal cannabis industry that focuses on non-plant touching activities, such as leases to licensed cannabis operators, online and in-store hemp-derived CBD transactions, and cannabis business licensing and consulting services. The Company has delayed filing of its 2022 Annual Report on Form 10-K (the “Annual Report”). The delay comes following the recent changes in its business operations, after divesting an asset with direct plant-touching activities. With such close proximity to the Company’s fiscal year-end, the Company and its auditor requires additional time to finalize their review of the financial information of the Company to gain reasonable comfort to complete and file the Company’s Financial Statements. The Company is in the process of finalizing its Annual Report with a planned submission within the next few weeks and the 2023 quarterly report to be filed subsequently thereafter.
Chairman Matthew Feinstein stated, “It is important that the accuracy and filing of this Annual Report be beyond reproach. We are still in the process of OTC Markets Group review as it pertains to our Company transitioning to an elevated tier so the extra time was deemed necessary by management.”
CEO and President Shawn Credle added, “We've worked diligently over the last 7 years to resurrect Pineapple for our shareholders. They've been more than patient and deserve this."
About Pineapple, Inc.
Pineapple, Inc. (the “Company” or “Pineapple”) is based in Los Angeles, California. The Company procures and leases properties to licensed cannabis operators and provides nationwide hemp-derived CBD sales via online and in-store transactions. Through the Company’s operating subsidiary, Pineapple Express Consulting Inc., it also offers cannabis business licensing and consulting services. The Company’s executive team blends enterprise-level corporate expertise with decades of combined experience operating in the tightly-regulated cannabis industry.
Forward-Looking Statements:
All statements other than statements of historical facts contained in this press release are “forward-looking statements,” which 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”, “might”, “will”, “will likely result”, “would”, “should”, “could”, continue”, “target” or the negative of such terms or other similar expressions. These statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. These factors include uncertainties as to changes in economic conditions, competition and other risks including, but not limited to, those described from in the Company’s Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission (the “SEC”), and other filings and submissions with the SEC. These forward-looking statements speak only as of the date hereof and the Company disclaims any obligations to update these statements except as may be required by law. The Company intends that all forward-looking statements be subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995.
Company Contact:
Matthew Feinstein, Director
Pineapple, Inc.
Office: 877-310-PNPL
FAQ
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