Company Brands the Dispensary as ‘Pineapple Express’ which will complement other Pineapple Express locations opening soon
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 deal was executed between the Company and its minority owned portfolio company, Pineapple Ventures, Inc. (“PVI”), whereas PVI sold 50% of CGI to the Company in exchange for a million dollar promissory note that the Company shall pay to PVI in installments of $100,000 within 5 days of execution, and the balance of $900,000 within 60 days of execution. The Company will acquire a 5% and a 45% stake in CGI corresponding to the timing of the respective payments. PVI retained