Los Angeles, CA, Dec. 21, 2015 (GLOBE NEWSWIRE) -- Pineapple Express, Inc. (OTCPink: PNPL) (the “Company”), a publicly traded company that offers cannabis industry consulting, technology, investments, turn-key property rentals, and branding concepts to businesses in the legal cannabis industry, announced today that it will acquire the business and assets of THC Industries, Inc. (“THC”), including the web domain www.THC.com and the trademark “THC®”. THC has been an operating business in California since 1996, making it one of the first internet based cannabis related businesses in the nation. A non-binding letter of intent has been executed between the parties and definitive agreements are being drafted for execution on or about December 31, 2015, and effective January 1, 2016.
The acquisition includes the THC.com URL address, the THC® branded clothing line, a clothing distribution facility, and the rights to exclusively sell apparel, namely T-shirts, hats, beanies, pants, shorts, baseball jerseys, jackets, sweatshirts, polo shirts, and sweat pants displaying the THC® trademarked name and logo. The acquisition is subject to customary closing conditions, including execution of definitive binding agreements and the Company’s satisfactory due diligence review of THC, including THC’s compliance with industry rules and regulations.
"We believe that including this premium domain name to the Pineapple Express family further enhances our profile and will assist in building brand awareness for us. THC.com is easy to remember and if marketed correctly, should attract thousands of visitors per day. We are confident we can increase revenue substantially for THC industries by hiring the business’s founder to return to a full-time management role, adding more marketable product to the company inventory, re-designing the website, and heavily promoting the THC brand,” stated Matthew Feinstein, CEO and Chairman at Pineapple Express. “We will disclose additional details about the transaction when the definitive agreements are signed. We look forward to bringing this one home for our shareholders.”
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 ExpressTM" 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. More detailed information about the Company is available at www.otcmarkets.com/stock/PNPL/quote. 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.
Company Contact: Matthew Feinstein CEO/ Chairman/Co-Founder Pineapple Express, Inc. 1901 Avenue of the Stars, 2nd Floor Los Angeles, CA. 90067 Office: 877-310-PNPL Investor Relations Contact: Scott Arnold CorProminence LLC 377 Oak Street Garden City, NY 11530