Business
Pineapple Express’s “Pineapple Park” Cannabis Cultivation Complex Featured in a Cover Story Published by The Sacramento Bee
Pineapple Express’s “Pineapple Park” Cannabis Cultivation Complex Featured in a Cover Story Published by The Sacramento Bee.
About this update from Pineapple, Inc.
[{"type":"text","content":"\n\n LOS ANGELES, March 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 the Company was prominently featured in a cover story about its new cultivation complex published by The Sacramento Bee, the fifth largest newspaper in California, and the 27th largest paper in the U.S.\n The Company announced a robust plan for “Pineapple Park”, its new cannabis cultivation complex, and has expanded the facility with additional structures and acreage.  The complex is expected to increase to fifteen buildings and greenhouses totaling approximately 170,000 square feet of cannabis cultivation space on 10.08 acres of land from the current 150,000 square feet of cannabis cultivation space. The terms of the Company’s two existing consulting and subsequent lease arrangements and proposed consulting and lease arrangements are as follows: Tenant/licensees shall pay a one-time up-front fee of between $150,000 to $500,000, depending on whether they desire a greenhouse or modular building rental. The fee shall be paid in progressive payments as licensing milestones are reached and includes assistance in securing a Regulatory Permit for the tenant/licensee’s business from the City of Desert Hot Springs based on Pineapple Park’s existing Conditional Use Permit, architect fees, and delivery of a building or greenhouse in vanilla shell condition with adequate electrical service and air conditioning units. Tenants shall be responsible for all interior build-out and equipment. However, if desired by a tenant, Pineapple Express may offer assistance with a full turn-key solution through a 3rd party equipment financier.Tenants shall execute a lease at a rental rate of $3.00 per square foot per month for greenhouse space and $6.00 per square for modular building space, commencing upon approval of permitting by the City of Desert Hot Springs and delivery of the rental in vanilla shell condition.  Three of the first four months’ rent is fully abated (three months of zero rent after first month).  This allows for sixty days for tenant improvements, installation o...