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Pineapple Express Cannabis (PNXP) is a leading player in the cannabis industry, focusing on cultivation, production, and distribution of high-quality cannabis products. With a strong presence in metro Los Angeles, the company has recently signed agreements to manage 9 additional dispensaries, further solidifying its position in the market. Pineapple Express Cannabis boasts a diverse range of products and a growing customer base, supported by strategic partnerships and a commitment to innovation.
Pineapple Consolidated, Inc. (PCI), a 25% minority-owned asset of Pineapple Express Cannabis Company (OTC: PNXP), faces a lawsuit from rapper 2 Chainz over his investment in PCI's Hollywood cannabis dispensary. The lawsuit comes after the dispensary's temporary closure in late July and throughout August. PCI is working to resolve the issue through private arbitration, as stipulated in their agreement with 2 Chainz's investment group.
The temporary closure is due to a court-ordered restructuring of ownership, involving the removal of a social equity partner. This precautionary measure ensures compliance with local cannabis regulations during the ownership transition. The Hollywood dispensary is set to relaunch on September 1st, fully compliant with local and state laws.
Pineapple Express Cannabis Company (OTC: PNXP) has signed a significant revenue-generating contract through its subsidiary, Ananas Growth Ventures (AGV), with Pineapple Consolidated to receive 50% of management fee revenue from multiple cannabis dispensaries in Los Angeles.
This agreement includes seven retail locations in key areas such as Hollywood, Venice Blvd., Van Nuys, Echo Park, Ventura Blvd., Northridge, and Beverly Grove. The deal is effective from April 20, 2024, and was ratified on June 10, 2024. In exchange, AGV has issued a $5 million promissory note with 1% annual interest, payable by April 20, 2029.
CEO Matthew Feinstein emphasized that this move is important for the company's sustainable and profitable growth, particularly in light of the impending cannabis rescheduling in the U.S.
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