Business
Pineapple Express Announces CUP Approval for the Company's First Canna-Business Tenant and Consulting Client
Pineapple Express Announces CUP Approval for the Company's First Canna-Business Tenant and Consulting Client.
About this update from Pineapple, Inc.
[{"type":"text","content":"\nLos Angeles, Nov. 19, 2015 (GLOBE NEWSWIRE) -- Pineapple Express (OTC Pink: PNPL) (\"the Company\"), a publicly traded company that offers cannabis industry consulting, technology, investments, turn-key property rentals, and branding concepts to businesses in the legal cannabis industry, announced today that its canna-business tenant and consulting client, Clonenetics Laboratories Cooperative, Inc., was approved for a conditional use permit (\"CUP\") by the City of Desert Hot Springs at last night's city council meeting. The Company's wholly owned subsidiary MJ Business Consultants provided key application assistance to Clonenetics, which spanned five months and included working closely with architects, city planners, engineers, attorneys, and industry experts.On September 8, 2015 the Company announced that it had executed a purchase of three acres of real property, including 23,250 square feet of warehouse space, in the City of Desert Hot Springs pursuant to a rent-to-own agreement. The Company subleased this property to an experienced canna-business tenant, Clonenetics, and facilitated proper licensing of the cannabis cultivation facility by having the Company's consulting subsidiary assist the tenant with obtaining the proper regulatory approvals from the City of Desert Hot Springs. Remodeling of the premises is almost complete with Clonenetics' first rent payment due on January 1, 2016. The sublease has a term of ten years, which may be extended for an additional five years at the option of the parties. The sublease provides for monthly rent of $49,000 per month in year one, $98,000 per month in year two, and $122,500 in years three through ten, although actual rent received cannot be guaranteed.\"Our performance in Desert Hot Springs for our consulting client and tenant highlights our Company's wealth of industry knowledge and business acumen that we feel is extraordinary\", stated Matthew Feinstein, CEO and Chairman for the Company. \"This CUP approval works well with the newly established state regulations in California that allow canna-businesses to legally operate. As our team at Pineapple Express had forecasted internally, California has stepped out of the gray and into the green as it pertains to the cannabis industry and our Company is positioning ourselves beautifully.\"\"I am a happy Pineapple Express success sto...