Pineapple Inc. Purchases 50% Equity Stake in Palm Springs, CA Dispensary Branded Pineapple Express
LOS ANGELES, CA, Aug. 06, 2021 (GLOBE NEWSWIRE) -- PINEAPPLE, INC. (OTC Grey: 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, announced today that it purchased a 50% equity interest in Capital Growth Investments, Inc. and branded as Pineapple Express (“CGI”), a Palm Springs licensed dispensary, delivery, and manufacturing facility spanning 6000 sq ft in downtown Palm Springs, CA. The exact address of the new dispensary is 695 S. Williams Rd. Palm Springs, CA 92264.
- The Company will acquire a 5% and a 45% stake in CGI corresponding to the timing of the respective payments.
- PVI retained a 30% equity stake in CGI and PVI will continue to manage CGIs operations in perpetuity, under the Pineapple Express brand, in exchange for a management fee on all retail sales.
- Were excited to take this next step in scaling our operational footprint with Pineapple Inc., said Marco Rullo, CEO of PVI.
- Through its operating subsidiary Pineapple Express Consulting, Inc., as well as its 45.18% owned portfolio company, Pineapple Ventures, Inc. (PVI), the Company runs a cannabis delivery service, Pineapple Express, via www.PineappleExpress.com , as well as hemp CBD e-commerce company, Pineapple Wellness, via www.PineappleWellness.com .