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Pineapple Express Announces Medical Cannabis Dispensary Registration Conditional Approval for Illinois Consulting Client and Related Revenue Channels for the Company
Pineapple Express Announces Medical Cannabis Dispensary Registration Conditional Approval for Illinois Consulting Client and Related Revenue Channels for the Company.
About this update from Pineapple, Inc.
[{"type":"text","content":"\n\n LOS ANGELES, Jan. 14, 2016 (GLOBE NEWSWIRE) -- PINEAPPLE EXPRESS, INC. (OTCPink: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 after a 10 month registration process, the state of Illinois granted the Company’s consulting client Nature’s Treatment of Illinois, Inc. (“NTI”) a Notice of Conditional Approval regarding its dispensing organization application for registration.  NTI was awarded one of only approximately 60 dispensary conditional registration approvals in Illinois.  The dispensary will be the only one in Illinois’ District 7. Following receipt of final approval by the state, which is anticipated within the month of January, NTI will engage in the distribution of cannabis for medical use, and related goods and services in the cannabis industry in Illinois. Construction is almost complete on the freestanding building for the dispensary operation and the dispensary is expected to open in early 2016. The Company is currently one of several landlords for the dispensary, receiving 15.18% of all rental revenues paid by the dispensary.\n The Company is also negotiating with NTI to provide additional consulting services related to operations and license renewals, and to provide NTI with its “Top-Shelf” Display Safe System to weigh, secure, and display cannabis products.  The Company would receive a consulting fee of 5% of gross revenue, in lieu of receiving rental payments.  This new consulting agreement, if finalized, would need to then be approved by the Illinois Department of Financial and Professional Regulation.   “It has been a long process getting NTI the registration conditional approval from the State of Illinois but I am happy to report that Pineapple Express came through for yet another one of our consulting clients and capital investment targets,” stated Mr. Feinstein. “Since Illinois is a heavily regulated state as it pertains to canna-business, after we finalize terms with our Client on the new consulting agreement, we will then go through the process of disclosing the consulting agreement to the state. We don’t anticipate any ...