Company gives explanation of current progress on resumption of trading activities
LOS ANGELES, CA, March 17, 2022 (GLOBE NEWSWIRE) — PINEAPPLE, INC. (OTC Markets: PNPL) (the “Company” or “Pineapple”), a publicly traded company in the legal cannabis industry with a portfolio of assets spanning operational management, technology, IP licensing, cannabis property rentals, and equity ownership in cannabis retail and production facilities, today announced it is no longer a “grey market” stock and apprised shareholders of its progress as related to its anticipated OTCQB tier upgrade.
CEO and President Shawn Credle commented, “We have completed the necessary steps to be designated as a “Pink Current Information” company with OTC Markets and are no longer designated as grey market. The Company is currently pursuing an OTCQB designation, which is a higher trading tier on the OTC Markets platform.”
Matthew Feinstein, Director at Pineapple, added, “We are deeply focused on securing regulatory approval so that normalized trading can commence for our shareholders. We hope to be nearing the finish line as related to the review of our 15c2-11 application and will be updating our shareholders once completed.”
About Pineapple, Inc.
Pineapple, Inc. (the “Company” or “Pineapple”) is based in Los Angeles, California. Through its operating subsidiary Pineapple Express Consulting, Inc., as well as its 45% owned portfolio company, Pineapple Ventures, Inc. (“PVI”), the Company runs a cannabis delivery service, Pineapple Express, via www.PineappleExpress.comas well as hemp CBD e-commerce company, Pineapple Wellness, via www.PineappleWellness.com. PVI also provides capital to its canna-business clientele, leases real properties to those canna-businesses, takes equity positions and manages those operations, and provides consulting and technology to develop, enhance, or expand existing and newly formed infrastructures. Pineapple is built to become the leading portfolio management company in the U.S. cannabis sector. The Company’s executive team blends enterprise-level corporate expertise with a combined three decades of experience operating in the tightly-regulated cannabis industry. Pineapple’s strategic asset integration has provided it with the infrastructure to support its subsidiaries with cost-effective access to all segments of the vertical: from cultivation and processing, to distribution, retail and delivery. With its headquarters in Los Angeles, California PVI is rapidly increasing its footprint throughout the state and looking to scale into underdeveloped markets.
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”, “will”, “should”, “could” 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 the application and enforcement of U.S. and state federal laws in the cannabis industry (including to the Company’s business activities and the business activities of some of its customers and counterparties), ability to attract new canna-business clientele, successfully implementing the Company’s growth strategy (including relating to the Company’s intention to create a nationally branded and vertically integrated chain of cannabis retail stores under the “Pineapple Express” name and anticipated development of Company-owned cultivation and processing facilities), dependence on key Company personnel, timing of the filing of the Company’s Form 211 with FINRA and clearing related comments, obtaining approval for the Company’s common stock to be quoted on one of the three OTC Markets, 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”) on October 4, 2021, the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, filed with the SEC on November 29, 2021 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.
Matthew Feinstein, Director