Company completes 50% equity purchase of California multi-cannabis licensee
Although cannabis thrives in tropical and temperate regions, the advancements made within the industry have now allowed cultivators to grow cannabis virtually anywhere. For outdoor facilities, temperatures must be within the range of 65 degrees to 85 degrees Fahrenheit, while humidity should be within the range of 60% to 85%, according to Leafly. However, cultivators can manipulate these factors inside an indoor or greenhouse facility with greater ease. Generally, indoor and greenhouse facilities are equipped with modern technology that can control the temperature, humidity, airflow, and light strength in order to ensure superior growth. While the structure of an indoor facility can be quite costly, it allows cultivators to control the entire growing process leading up to the harvest. Additionally, different facilities tend to be better for certain strains. For instance, sativa strains grow better in tropical conditions because of their tall figure and more open bud structure. On the other hand, indica can be more difficult to grow because it is short and has denser buds, making it harder for airflow to pass through. Nevertheless, some sativas can grow short, while some indicas can grow tall, according to Pat Goggins, a former commercial cultivator in Oregon. Goggins notes it is important for cultivators to understand the genetic makeup of the plant so cultivators can provide optimal growing conditions for each specific plant. Some popular tropic-grown sativa strains are Colombian Gold and Maui Wowie, originating from Colombia and Hawaii, respectively. Colombian Gold and Maui Wowie can be grown both indoors and outdoors, however, there are certain strains that are grown solely indoors. For instance, Northern Lights is a popular indica strain for indoor cultivators because it needs steady airflow to prevent mold build up and it yields an abundant harvest. Regardless if cultivators grow cannabis in a controlled setting or an outdoor facility, there will be a consumer demand in both market segments. Some consumers may prefer a more potent strain grown within an indoor facility, while others may appeal to a more natural, outdoor grown strain. As a result, according to data compiled by Imarc Group, the North American legal cannabis market is expected to reach USD 35 Billion by 2023 from USD 8 Billion in 2017. Additionally, the market is expected to register a healthy CAGR of 28% throughout the forecast period. Pasha Brands Ltd. (CSE: CRFT), Cronos Group Inc. , Aurora Cannabis Inc. , Neptune Wellness Solutions Inc. , Organigram Holdings Inc.
PINEAPPLE EXPRESS, INC. (OTC Grey: PNPL) (the “Company” or “Pineapple Express”), a publicly traded company that offers consulting, technology, investments, IP licensing, turn-key property rentals and branding concepts to businesses in the legal cannabis industry, today announced an update from its CEO, Shawn Credle.
Target holds equity and management rights for multiple cannabis entities in California
TORONTO, March 13, 2019 /CNW/ – Namaste Technologies Inc. (“Namaste” or the “Company”) (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) today announced that it has completed the previously announced acquisition of 49% of the common shares of Toronto-based Pineapple Express Delivery Inc. (“Pineapple Express”). In June 2018, the Company announced that it had entered into a subscription agreement to acquire 15% of the common shares of Pineapple for $1,000,000 which comprised of $850,000 in cash and $150,000 in Namaste common shares (the “Subscription Agreement”). In December 2018, the Company announced that it had entered into a binding agreement (the “Purchase Agreement”) with shareholders of Pineapple Express to acquire an additional 34% of the outstanding common shares of Pineapple Express. Pursuant to the terms of the Purchase Agreement, the Company issued the selling shareholders of Pineapple Express such number of Namaste common shares having an aggregate value of approximately $3.06 Million, based on the closing price of Namaste’s common shares on the TSX Venture Exchange on December 14, 2018 (the “Transaction”). Following closing of the Transaction, Namaste now owns 49% of the issued and outstanding common shares of Pineapple Express.
PINEAPPLE EXPRESS, INC. (OTC Grey: PNPL) (the “Company”), a publicly traded company that offers consulting, technology, investments, turn-key property rentals and branding concepts to businesses in the legal cannabis industry, today announced an expansion of its retail offerings with the launch of the Pineapple Express Wellness website by its brand licensee Pineapple Ventures, Inc. The website is located at URL www.pineappleexpresswellness.com. Poised to be a premiere E-commerce website selling branded CBD Products derived from hemp, Pineapple Express Wellness ships to 41 states and The District of Columbia.
Pineapple Express Delivery Inc. (“Pineapple Express” or “the Company”) today announced the integration of Pineapple Express’ proprietary logistics software, on Shopify’s digital platform. Shopify merchants who enable the software integration, will allow their customers to select same day expedited cannabis delivery options in Canada offered by Pineapple Express, through the Shopify platform.
Company restructures senior leadership as it focuses on the future
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Namaste Technologies Inc. (“Namaste” or the “Company”) (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) is pleased to announce that the Company has entered into a share purchase agreement (the “Agreement”) to acquire common shares in Pineapple Express Delivery Inc. (“Pineapple Express”) and an affiliated entity, representing an additional 34% equity in exchange for such number of common shares of Namaste having an aggregate value of approximately $3.06 Million (the “Transaction”). Upon completion of the Transaction, Namaste will own 49% of the outstanding common shares of Pineapple Express.