Pineapple Express Resumes OTC Trading

LOS ANGELES – Pineapple Express Inc., a cannabusiness investment group, released its audited financial report for 2015 today.

RBSM LLP completed its audit of the company’s consolidated financial statements for the period from January 29 of last year (date of inception) to December 31. The Company’s audited financials are available for review on its website at www.pineappleexpress.com.

The release follows the restart of trading of Pineapple Express stock on the OTC Grey Market (symbol:PNPL) on May 22. The federal Security and Exchange Commission suspended trading of Pineapple Express shares for two weeks, citing “recent, unusual and unexplained market activity in the company’s stock that raises concerns about the adequacy of publicly-available information regarding the company” in an announcement from the agency.

“We are committed to operating a fully reporting SEC company and will continue to devote the appropriate resources in order to attain this desirable status, as described in prior announcements and filings,” said CEO Matthew Feinstein. “Now that our year-end audit is complete, we are excited to move forward with the process of filing a Form 10 registration statement with the SEC.”

Pineapple Express also announced today that the consulting agreement with founder Vincent Mehdizadeh ended by mutual agreement as of May 31.

“We determined to terminate the consulting agreement, so the company can limit distractions during this very important period of time,” Feinstein explained “Both the company and Mehdizadeh are 100% supportive of this decision.”

Mehdizadeh issued a press release on May 11 that the SEC hadn’t been in contact with the company prior to or after the suspension of trading. Mehdizadeh noted that he wasn’t part of management or the company’s board of directors; Pineapple Express issued a statement the next day that the prior day’s release wasn’t drafted, sanctioned or approved by the company, and reflected Mehdizadeh’s personal opinion.

The company also announced that Sean Cunningham moved into a permanent role as Chief Financial Officer prior to the end of a 90-day trial period.  Jared Lewis also joined the company in April as director of Marketing and will report directly to Mr. Feinstein.

Headquartered in Los Angeles, 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.

The company intends to create a nationally branded chain of company-owned cannabis retail stores under the “Pineapple Express” name, as soon as federal laws allow. Until then, 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.