Pineapple Express Delivery currently has several contracts in place with Licensed Producers ('LP's') for delivery within select provinces in Canada.
Pineapple Express Delivery is targeting to become the delivery company of choice for Business-to-Consumer ('B2C') and Business-to-Business ('B2B') companies associated with medical and recreational cannabis, including all provincial organizations which manage cannabis distribution. Pineapple Express Delivery has also partnered with a US organization to assist in establishing joint ventures for distribution in California, Nevada, and Oregon in the near future. Pineapple Express Delivery is experiencing significant growth in B2B and B2C deliveries having completed 7,916; 8,935 and 22,478 deliveries in January, February and March (estimate) 2020, respectively, resulting in revenues of $131,179, $154,962, $347,897 in January, February and March (estimate) 2020 respectively, against gross margin of -12% (Jan), 12% (Feb) and 25% (March estimate) over the same period. Pineapple Express Delivery's impressive revenue growth is demonstrated by March revenues being 265% of those in January as the company's operations continue to ramp up to satisfy the current demand. Pineapple Express Delivery is in the process of submitting its evidence package to Health Canada to obtain a 'Sale for Medical Purposes' license for its facility located in the Greater Toronto Area ('GTA'), with a population of 6 million people. This license gives Pineapple Express Delivery the ability to store inventory for other LPs at its licensed facility, by way of supply agreements. This allows Pineapple Express Delivery to leverage its facility in the GTA and offer same day delivery services to the patients of those LPs. During these unfortunate times, while we live through the COVID-19 pandemic, Pineapple Express Delivery has seen a substantial increase in volume throughout the provinces in which it delivers medical and recreational cannabis. In response to a surge in volume from the recreational market in Ontario, Pineapple Express Delivery is in the process of increasing the number of delivery drivers from 104 currently to 200, in order to better support both patients and recreational consumers to receive their products safely, securely, and in a timely manner. Pineapple Express Delivery, currently one of the premiere, most used delivery services in Ontario, will continue to maintain its high standards of security and compliance for same day and next day parcels, even as it grows to meet each provincial need.
Pineapple Express Delivery benefits from a management team with over 10 years of experience offering same-day delivery services in multiple industries across Canada. Pineapple Express Delivery owns in-house proprietary software which offers a personalized experience for its customers and has established in-depth security and delivery protocols to facilitate same-day delivery of medical and recreational cannabis across Canada. Pineapple Express Delivery has been providing B2C and B2B delivery options to the legal cannabis industry since October 17, 2018 and has provincial offices set up across Canada. Rosy Mondin, CEO of World-Class, remarked, 'World-Class is very excited with its acquisition in Pineapple Express Delivery, a fast-growing cannabis delivery business with an impressive management team. With the unfortunate outbreak of COVID-19 and the cannabis sector deemed an 'essential' service in Ontario, the need for a legal, proven and reliable solution for cannabis delivery in Canada is evident now more than ever. This investment will allow us to participate in and capture Pineapple Express Delivery's potential growth on our future financial statements. Pineapple Express Delivery's strategic partnerships enable interprovincial deliveries across Canada, providing services for key industry clients and partners which we believe will create additional opportunities for World-Class in the future.' Randy Rolph, CEO and Founder of Pineapple Express Delivery stated, 'This acquisition of a controlling interest represents a defining moment for Pineapple Express Delivery. Alongside our long-term supporter Namaste Technologies Inc., we are excited to welcome World-Class who believe in our vision and long-term goals of becoming the go to same day delivery and next day delivery company in Canada and the US. With this being said, World-Class brings a strong leadership team to achieve all these goals and help us grow to our full potential at a quicker rate. We have established ourselves as the clear leader in the B2C market and with World-Class' investment we will now be able to focus 100 percent on the growth of Pineapple Express Delivery and rapidly differentiate ourselves across the market. Our goal is to provide the whole cannabis industry with an exceptional safe, secure and compliant same day and next day service both in the B2C and B2B market.'
About World-Class Extractions Inc.
World-Class develops, deploys and manages custom-built extraction centers for licensed cannabis and hemp processors. Utilizing its custom technology and processes, World-Class enables its licensed partners to efficiently produce high-margin cannabis and hemp concentrates and oils. Through its relationships with licensed partners, World-Class also has the ability to offer toll processing of cannabis and hemp to licensed third parties that lack the expertise and equipment required to produce highquality cannabis and hemp concentrates and end-products. With over half of a decade spent in research and development, the Company allows licensed producers to access the technology required to create value-added products in the expanding concentrate market.
Contact:
Tel: 1-604-473-9569
About Pineapple Express Delivery Inc.
The Pineapple Express Delivery management team has over 10 years of experience offering sameday 60-minute delivery services in multiple industries across Canada with a record breaking 40,000 deliveries per month. Pineapple Express Delivery offers a personalized experience for its customers and has established in depth security and delivery protocols to facilitate same-day delivery of medical and recreational cannabis across the country. Pineapple Express Delivery has been providing a same day delivery option to the legal Cannabis Industry from October 17th, 2018 and has provincial offices set up across Canada.
Cautionary Note Regarding Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are 'forward-looking information' within the meaning of applicable Canadian securities legislation and 'forward-looking statements' within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995, including statements related to the capture of revenue with operational margins on our income statement, successful deployment of the Company's cannabis and hemp processing centres, the ability of the Company to generate revenue from such processing centres, and the ability of its partners to produce high-margin cannabis products. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited those identified and reported in the Company's public filings under the Company's SEDAR profile at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.
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