Pineapple Express Cannabis Company Launches 506(c) Common Stock Offering for Development Capital

Rhea-AI Summary

Pineapple Express Cannabis Company is seeking to raise $5 million from accredited investors through the offering of 5 million shares of its common stock at $1 per share. The funds will be used to launch 10 fully licensed retail cannabis dispensaries in the metro Los Angeles area and for general corporate purposes.

Company seeks to raise $5 million from accredited investors interested in diversifying their investments in the emerging cannabis industry

LOS ANGELES, CA, Oct. 30, 2023 (GLOBE NEWSWIRE) -- Pineapple Express Cannabis Company. (OTC: PNXP) (the “Company”), a publicly traded company, today announced that it is commencing an offering of up to 5 million shares of its common stock (the “Shares”) at $1 per Share for an aggregate offering amount of $5 million. The Shares will be offered to accredited investors pursuant to Regulation D, Rule 506(c) under the Securities Act of 1933, as amended (the "Securities Act"). As general solicitation is permitted under Rule 506(c) offerings, purchasers must be meet verification requirements for validation of their "accredited investor" status.

The Shares have not been and will not be registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements, and will comprise restricted securities as that term is defined in Rule 144 of the Securities Act. The Shares may not be offered or sold by the Company in any state in which such offer or sale is prohibited. The resale of the shares by purchasers shall also be governed by Rule 144 which the Company expects would allow the public resale of the shares no earlier than a period of 6 months after purchasing direct from the Company.

The purpose of this offering is to secure funds that will be directly used in the Company's expansion plan of launching 10 fully licensed retail cannabis dispensaries in the metro Los Angeles area and for general corporate purposes.

“We have a tremendous footprint of legal and licensed cannabis retail locations that are already leased and are undergoing interior renovations to commence operations," said Matthew Feinstein, chairman and CEO of Pineapple Express Cannabis Company. “We have received strong support in our financing activities thus far, and we are looking forward to significant growth of the company’s revenues and assets by taking advantage of this fast-growing sector.”

This press release is neither an offer to sell nor the solicitation of an offer to buy the Shares or any other securities, and no offer, solicitation or sale will be made in any jurisdiction in which, or to any persons to whom, such an offer, solicitation or sale is unlawful. Any offers of the Shares will be made only by means of a private offering memorandum or other agreement between the Company and the investors. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.

For additional information about Pineapple Express Cannabis Company and to request our 506(c) offering materials, please contact 888-245-5703 or email investors@pineappleconsolidated.com for more information.

About Pineapple Express Cannabis Company

Pineapple Express Cannabis Company. (the “Company” or “Pineapple Express”) is based in Los Angeles, California. The Company’s operating subsidiary, Ananas Growth Ventures, serves as an incubator, helping early-stage ventures and startups in the cannabis sector through funding, mentoring, and training. The Company is engaged in legal cannabis retail under the brand name of Pineapple Express though its 50% owned asset, Pineapple Consolidated Inc. (pineappleconsolidated.com) which owns and manages retail cannabis ventures under the Pineapple Express name and via www.PineappleExpress.com. Pineapple Consolidated seeks to become the leading portfolio management company in the U.S. cannabis industry. With its headquarters in Los Angeles, California, Pineapple Express is rapidly increasing its footprint throughout the state and looking to scale into underdeveloped markets. 

The Company works closely with another public company, Pineapple, Inc. (OTC: PNPL), which procures and leases properties to licensed cannabis operators, provides nationwide hemp-derived CBD sales via online and in-store transactions, and offers cannabis business licensing and consulting services.

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. 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 Express Cannabis Company
Office: 888-245-5703

FAQ

What is Pineapple Express Cannabis Company announcing?

Pineapple Express Cannabis Company is commencing an offering of 5 million shares of its common stock at $1 per share to raise $5 million.

Who can purchase the shares?

The shares will be offered to accredited investors.

Will the shares be registered under the Securities Act?

No, the shares have not been and will not be registered under the Securities Act.

What is the purpose of the offering?

The funds raised will be used for the expansion plan of launching 10 fully licensed retail cannabis dispensaries in the metro Los Angeles area and for general corporate purposes.

When can purchasers of the shares resell them?

The shares can be publicly resold no earlier than 6 months after purchasing directly from the Company, in accordance with Rule 144 of the Securities Act.