Company seeks to raise $5 million from accredited investors interested in diversifying their investments in the emerging cannabis industry
LOS ANGELES, CA, Oct. 30, 2023 (GLOBE NEWSWIRE) -- Pineapple Express Cannabis Company. (OTC: PNXP) (the “Company”), a publicly traded company, today announced that it is commencing an offering of up to 5 million shares of its common stock (the “Shares”) at $1 per Share for an aggregate offering amount of $5 million. The Shares will be offered to accredited investors pursuant to Regulation D, Rule 506(c) under the Securities Act of 1933, as amended (the "Securities Act"). As general solicitation is permitted under Rule 506(c) offerings, purchasers must be meet verification requirements for validation of their "accredited investor" status.
The Shares have not been and will not be registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements, and will comprise restricted securities as that term is defined in Rule 144 of the Securities Act. The Shares may not be offered or sold by the Company in any state in which such offer or sale is prohibited. The resale of the shares by purchasers shall also be governed by Rule 144 which the Company expects would allow the public resale of the shares no earlier than a period of 6 months after purchasing direct from the Company.
The purpose of this offering is to secure funds that will be directly used in the Company's expansion plan of launching 10 fully licensed retail cannabis dispensaries in the metro Los Angeles area and for general corporate purposes.
“We have a tremendous footprint of legal and licensed cannabis retail locations that are already leased and are undergoing interior renovations to commence operations," said Matthew Feinstein, chairman and CEO of Pineapple Express Cannabis Company. “We have received strong support in our financing activities thus far, and we are looking forward to significant growth of the company’s revenues and assets by taking advantage of this fast-growing sector.”
This press release is neither an offer to sell nor the solicitation of an offer to buy the Shares or any other securities, and no offer, solicitation or sale will be made in any jurisdiction in which, or to any persons to whom, such an offer, solicitation or sale is unlawful. Any offers of the Shares will be made only by means of a private offering memorandum or other agreement between the Company and the investors. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.
For additional information about Pineapple Express Cannabis Company and to request our 506(c) offering materials, please contact 888-245-5703 or email investors@pineappleconsolidated.com for more information.
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