LOS ANGELES, Feb. 02, 2016 (GLOBE NEWSWIRE) -- PINEAPPLE EXPRESS, INC. (OTC Pink: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, commented on external factors that may directly benefit its Desert Hot Springs, CA 8.82 acre cultivation compound project.
According to various news reports more than 160 California cities and counties have proposed or already enacted bans within their city or county limits on commercial and/or personal cultivation of medical cannabis. They were responding to state laws approved late last year, collectively known as the Medical Marijuana Regulation and Safety Act (MMRSA), which allow municipalities and counties to enact their own rules governing medical cannabis through March 1, 2016. Based on the new regulations, following March 1, 2016, regulations were to be the sole purview of the state.
However, in response to what some have called the "banapalooza" that resulted due to the proposed deadline, state legislators pushed through emergency measures last week that removed the March 1st deadline imposed on all cities to enact commercial cultivation rules and regulations. The Company expects that cities that haven't already banned commercial cultivation will have time to research and potentially enact sensible laws instead of outright bans. It is unclear when the cities that haven’t already banned or proposed bans will eventually permit commercial cultivation within their city limits.
"Cities that have a framework in place allowing cannabis cultivation facilities to exist, like the City of Desert Hot Springs, will have an obvious economic benefit ahead of other cities that don’t. A lot of credit is due to the City of Desert Hot Springs for being way ahead of the curve on this one as they will be one of the first California cities to receive annual tax revenue from these canna-businesses,” stated Theresa Flynt VP of Business Development for Pineapple Express, Inc. “The legal cannabis industry is a reality and the state's new regulations finally initiate a framework for legal operations."
"We are the benefactor of a perfect storm of legislative changes and a vacuum that exists where our company is positioned to receive coveted commercial cultivation permits in California for our clients and prospective tenants,” stated Matthew Feinstein CEO and Chairman of Pineapple Express, Inc. “In our opinion, the limited number of cities issuing commercial cultivation permits in all of California places our established and expanding DHS project in a unique position which we feel will be beneficial to the Company and our shareholders.”
The Company also commented on the possibility of successful recreational measures in California later this year.
Mr. Feinstein added, "While nothing is certain, it seems likely that a recreational measure may pass in California later this year that would have a positive impact for our current and future cultivation tenants of Desert Hot Springs. As reported in the San Francisco Chronicle on December 31, 2015, according to California Department of Finance director Michael Cohen and legislative analyst Mac Taylor, the state stands to gain over $1 billion in uncaptured tax revenue if California legalizes cannabis for adults 21 and over in the November 2016 election.”
The Company also commented on its plans to finalize the acquisition of various parcels adjoining the existing 3.78 acres in Desert Hot Springs the Company currently occupies and rents to its first of many expected cultivation tenants.
Feinstein added, "We are now in late stage discussions with a Southern California based real estate development firm founded in 1983 to assist with property acquisitions in Desert Hot Springs as we further execute on that project. That company, which shall remain confidential until definitive agreements are executed with us, has completed, developed, or redeveloped in excess of $2.5 billion in commercial projects. They see our vision and have expressed their excitement to work with us on what we have now dubbed ‘Pineapple Park’."
About Pineapple Express, Inc.
Headquartered in Los Angeles, CA, Pineapple Express, Inc. 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, Inc." 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, the Company 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
Source:Pineapple Express, Inc.