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Pineapple Express sets terms of Pineapple Ventures acquisition

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Pineapple Express sets terms of Pineapple Ventures acquisition

Pineapple Express Inc. has agreed to acquire an 80% stake in cannabis license holder Pineapple Ventures Inc. through a share exchange transaction.

Los Angeles-based Pineapple Express previously announced plans to merge with Pineapple Ventures in February.

Under the terms of the transaction, Pineapple Express will issue 5 million series A preferred shares. The company has already acquired 20% of Pineapple Ventures in a first tranche with the execution of the share exchange agreement. The remaining 60% will be acquired within six months, subject to closing conditions, including the resumption of Pineapple Express' filing obligations with the U.S. Securities Exchange Commission, according to a March 22 press release.

Pineapple Ventures holds equity interests in cannabis cultivation, manufacturing, delivery and distribution companies. The company is also entitled to profits from a cannabis lease and sublease facility based in Chatsworth, Calif. Pineapple Express is a consulting and investment firm for the cannabis industry, with plans to establish a chain of retail stores under its name.