RE:RE:PEFrom another board:
Pineapple Express Delivery Ltd. Pineapple delivers legal, dependable, quality medicinal and recreational cannabis at a competitive price.
The company focuses on security and delivery protocols to facilitate same-day delivery seven days/week
in Canada. Pineapple adheres to the highest standards of health, quality, patients’ rights, and discreetly services both adult-use and medicinal patients.
Lifeist agreed to make its first investment in Pineapple in Q3 2018, when it signed a subscription agreement to acquire a 15% equity interest. In Q3 2019, the Company increased its interest to 49%. During 2019, Lifeist also provided working capital in separate tranches by granting secured promissory notes to Pineapple. At November 30, 2019, the balance of $1,512,575, was impaired to the value of security. In Q1 2020, the Company agreed to loan an additional $125,000 for working capital purposes for the consideration of amendments to certain debt clauses.
In Q3 2020, a controlling interest of Pineapple was acquired by World Class Extractions Inc. (“WCE”). As part of the transaction, Lifeist would be able to convert its outstanding debt into shares of WCE on March
31, 2021. In Q3 2021, the maturity date was extended to September 30, 2021. In addition, Lifeist granted
WCE the option to acquire Lifeist’s equity interest in Pineapple which is exercisable during a 60-day period
beginning March 31, 2022. This transaction allowed Lifeist’s management to increase their focus on the core business, while adding a new conversion feature to Pineapple’s debt thus providing a path to liquidity in the future. At the end of Q3 2021, the Company’s interest in Pineapple was 30%