A letter of intent is already in place to spark the merger
According to a press release from yesterday, Pineapple Express and Pineapple Ventures, Inc. (PVI) could soon be one company. Publicly traded Pineapple Express has signed a non-binding letter of intent with PVI that could see a merger completed before the end of this summer.
PVI is deep in the cannabis industry. Based in California, it holds equity in a number of licenses in the space, including those to deliver, manufacture, cultivate and distribute marijuana. In addition, it holds the right and title to profits from a lease and sublease of a 38,000-square-foot cannabis operation in Chatsworth, CA.
Pineapple Express CEO Shawn Credle states, “It is necessary for us to ‘get a good look under the hood’, as well as to prepare the Company for the merger, prior to combining the valuable assets of both businesses into one formidable and lucrative brand. We could only do that working internally together with the Pineapple Express team to resolve open issues and bring the Company current with its required public filings. We will continue to develop and strengthen the assets at both Pineapple Express and Pineapple Ventures while steps are being taken towards satisfying closing conditions for the merger over the next few months.”
The merger hinges on several components. The definitive documents need to be executed and each company’s shareholders must approve the deal. There are other conditions, such as Pineapple Express ensuring that it is current in its filing obligations with the U.S. Securities and Exchange Commission.
In anticipation of the merger, Credle, along with PVI Chief Operating Officer Joshua Eisenberg, has been appointed as the new executive team of Pineapple Express.