LOS ANGELES, March 3, 2017 /PRNewswire/ -- PINEAPPLE EXPRESS, INC. (OTC Grey: PNPL) (the "Company"), a publicly traded company that offers consulting, technology, investments, turn-key property rentals and branding concepts to businesses in the legal cannabis industry, announced today that it has eliminated and restructured executive positions within the company, retooled its operating budget for existing projects, and also brought on a public company accounting and compliance firm to expedite filing of its registration statement with the SEC to become a fully reporting company.
The Company eliminated its Chief Compliance Officer position, which was useful in the company's initial maturation process but was becoming an unneeded and duplicative position, especially with the addition of the accounting and compliance firm, Company executives stated.
Additionally, the Chief Financial Officer was replaced with an experienced public company accounting and compliance firm, directing all financial reporting for the Company. The Company's CEO took on the role as interim CFO in concert with the aforementioned newly appointed accounting and compliance firm. All cuts resulted in a $30,000 reduction in monthly overhead expenses.
"The company is focused on completing its audit on subsidiary, THC Industries, LLC, which will now need 2016 financials audited in order to accompany our already audited financials for the prior years to complete our filing requirements with the SEC to upgrade our status to fully reporting," stated Feinstein.
The company is also focused on supplying rental spaces to its consulting clients/tenants in Desert Hot Springs, California for commercial cultivation, as well as launching its THC.com e-commerce website and various product licensing deals.
Feinstein added, "Permits are issued, leases are signed with our clients, and buildings are in the process of being erected. We anticipate tenancy to begin in June for our clients. All while executing on a strategy to provide rental space to our clients without spending millions in development costs. As we transition to becoming a more seasoned Company we are learning what it takes to save capital and resources while still implementing our business model. In this industry, it's always been a marathon and not a sprint."
Company executives confirmed that current management and the Board of Directors for the company is comprised of: Matthew Feinstein as CEO & Chairman, Eric Kennedy, Esq. as an Independent Director, and Theresa Flynt, as VP of Business Development.
About Pineapple Express
Headquartered in Los Angeles, CA, Pineapple Express is a publicly traded company that invests in, expands, and brands existing and newly established canna-businesses through expert consulting and cutting-edge technology. We provide capital to our canna-business clientele, lease real properties to canna-businesses, and provide consulting and technology to operators within the cannabis industry. We intend to create a nationally branded chain of company-owned cannabis retail stores under the "Pineapple Express" name, as soon as federal laws allow. As long as cannabis remains federally illegal, our operations will be limited to consulting, product licensing, leasing to and investing in existing and new canna-businesses, selling industry specific technology and branding/retail concept support services. Home to some of the most experienced and well-connected minds in the business, Pineapple Express is at the forefront of the legal cannabis industry.
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. Statements that are not a description of historical facts constitute forward-looking statements and 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. Actual results may differ materially from those set forth in this release due to the risks and uncertainties inherent in the Company's business, including that we have a limited operating history, are dependent upon key personnel whose loss may adversely impact our business, and some of our business activities and the business activities of some of our customers and counterparties, while believed to be compliant with applicable state law, may be illegal under federal law because they violate the Federal Controlled Substances Act. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement and the Company undertakes no obligation to revise or update this release to reflect events or circumstances after the date hereof.
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SOURCE Pineapple Express