Business
Pineapple Express Client Passes Inspection and Becomes One of the First Licensed Medical Cannabis Dispensaries in the State of Illinois
Pineapple Express Client Passes Inspection and Becomes One of the First Licensed Medical Cannabis Dispensaries in the State of Illinois.
About this update from Pineapple, Inc.
[{"type":"text","content":"\n\n LOS ANGELES, Jan. 27, 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 it has executed a management and consulting agreement with the Company’s consulting client, Nature’s Treatment of Illinois, Inc. (“NTI”).  NTI was awarded one of approximately 60 possible medical cannabis dispensary licenses in Illinois. After the Company assisted with a rigorous conditional registration approval process and recent inspection, NTI is now able to engage in the distribution of cannabis for medical use in Illinois and will be the only one in Illinois’ District 7.  The Company is informed that the dispensary will be open for business within the next couple weeks.\n On January 25, 2016, the Company, NTI and Nature’s Treatment of the Quad Cities, LLC (together with NTI, the “Client”) entered into a new consulting agreement pursuant to which the Company will provide the Client with its industry first inventory weighing, product securing, product display, and point-of-sale system dubbed the “Top-Shelf” at NTI within the first half of 2016. The Company will also advise the Client regarding ongoing business activities and dispensary license renewals.  The agreement will become effective following a vetting process by the Illinois Department of Financial and Professional Regulation.  The Company expects to receive vetting approval on or before June 1, 2016. Matthew Feinstein, who is a principal of the Client will relinquish his board position with Client and any equity in Client’s operations upon the agreement becoming effective. Thereafter, the Client will pay the Company a consulting fee equal to the lesser of 5% of NTI’s gross profit or 15.18% of the after-tax distributable income of NTI and Nature’s Treatment of the Quad Cities, LLC.  The agreement has a term of five years and, subject to certain conditions, is automatically renewed for successive terms, but if the Company is not in breach of the agreement and the agreement is terminated by the Client at the end of the initial five year term, th...