Pineapple Express Completes Audit of its Consolidated Financial Statements and Comments on Recent Trading Suspension

LOS ANGELES, June 2, 2016 /PRNewswire/ -- PINEAPPLE EXPRESS, INC. (OTCGrey: 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, is pleased to announce today that RBSM, LLP, its independent audit firm, has completed its audit of the Company's consolidated financial statements for the period from January 29, 2015 (date of inception) to December 31, 2015. The Company's audited financials are available for review on its website at www.pineappleexpress.com.

The Company also announced that trading in its common stock under the symbol PNPL resumed on the OTC Grey Market after a two-week trading suspension that ended on May 12, 2016.   "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.  Now that our yearend audit is complete we are excited to move forward with the process of filing a Form 10 registration statement with the SEC," commented CEO Matthew Feinstein.    

In other news, the Company announced that it and founder Vincent Mehdizadeh mutually terminated his consulting agreement with the Company effective May 31, 2016.  According to Mr. Feinstein, "We determined to terminate the consulting agreement so the Company can limit distractions during this very important period of time. Both the Company and Mehdizadeh are 100% supportive of this decision."  The Company also confirmed that the Board of Directors has transitioned Sean Cunningham into a permanent role as Chief Financial Officer prior to the end of his 90 day trial period.  Jared Lewis joined the Company in April as Director of Marketing and will report directly to Mr. Feinstein.

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.

Forward-Looking Statements:
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.

SOURCE Pineapple Express, Inc.

Related Links

http://www.pineappleexpress.com