Pineapple Inc (PNPL)

[penknee]

This company was suspended by the SEC several years ago, the stock went from just a few dollars to over $20 and right back down again. It’s EXTREMELY unlikely they ever get off the grays, this company is forever tainted by Vincent Mehdizadeh. He did the same thing with Medbox, now NGBL, and the SEC charged him and his girlfriend personally. In the case of PNPL, the SEC suspended it and now it’s on the gray sheets.

I was a little surprised to see any posts here, the whole reason I checked on the board was because of a billboard. Last month I was driving east on the 10 and saw a billboard with their logo and website. I thought it might be a different company, but it’s the same old Pineapple. Before legalization they were planning on converting a church into a grow house and dispensary, the stock was halted and they left town with a bunch of money owed to local contractors. Fast forward a few years and it appears Vincent is not a part of this company, or at least that’s what they’re trying to present. He is nowhere to be found on their website and I have no idea if he still has any association with the company.

Their big plan is to build a Cannabis campus business, with multiple vendors, very similar to the nearby Coachillin’ campus being built. Land values have come down some since legalization, but they’re still very high, and the retail licenses are difficult if not impossible to get in the area. It’s super easy to get a manufacturing or cultivation license, but anything else is much more difficult.

If you want a stock that is SoCal local, I would check out Planet 13 $PLNHF, I’m not saying it’s super great or anything, but of all the locals I’ve looked at, they’re the only one that’s not total garbage, or drowning in convertible debt. Hasn’t been a great stock to hold though, so buyer beware.

Here’s a link for more background on Vincent:
https://www.newcannabisventures.com/former-medbox-ceo-vincent-mehdizadeh-agrees-to-pay-sec-12mm-in-securities-fraud-settlement/