PUMP~News~Revenue $7.55M in 2020, and starts 2021 strong WCEXF~News Out: Revenue $7.55M in 2020, and starts 2021 strong
Press Release | 03/02/2021
Pineapple Express Delivery's revenue total $7.55M in 2020, and starts 2021 strong
VANCOUVER, BC / ACCESSWIRE / March 2, 2021 / World-Class Extractions Inc. (CSE:PUMP)(FRA:WCF)(OTCQB:WCEXF) ("Company" or "World-Class"), is pleased to provide an update on Pineapple Express Delivery Inc. ("Pineapple Express Delivery" or "PED"), a company in which World-Class has a controlling interest. PED is a leading logistics technology company offering compliant and secure delivery of controlled substances and regulated products, including medical and recreational cannabis delivery in Ontario, Manitoba and Saskatchewan, and liquor delivery in certain jurisdictions in Saskatchewan.
Pineapple Express Delivery - Highlights
The following PED revenues comprise of delivery services of medical and recreational cannabis within Ontario and Manitoba to various Business-to-Consumer and Business-to-Business licensed producer companies and liquor deliveries in Saskatchewan:
January 2021 revenues totaled $926,203 (December 2020 - $889,935) with gross margin of 27% (December 2020 - 34%) (unaudited).
As a result of recent COVID-19 prevention measures, B2C revenue increased approximately 5% in January 2021 over December 2020, primarily from an increase in the recreational delivery segment through geographical expansion.
During January 2021, the number of deliveries was 71,595 compared to 70,802 in December 2020, representing an increase of 1%.
PED previously entered into a licensing agreement to provide software and support services to an arm's length party. PED provides the set-up, implementation and development of the software and provides support to all locations catered to by the other party. During January 2021, PED received approximately $10,000 in revenue from these operations.
Randy Rolph, Founder & CEO of Pineapple Express Delivery stated, "Delivery services have grown exponentially for several years with most consumer goods, as has been shown in the food industry. There is no question that the same is showing to be true for the cannabis and the regulated products industry with the ease and discreetness that Pineapple Express Delivery services provide. We are ramping up to meet the demands of our current and future partners, by investing into logistic technologies and processes, providing PED with a solid foundation for continued aggressive growth."
Rosy Mondin, CEO of World Class Extractions remarked, "Pineapple Express Delivery is showing significant growth since last year. We are extremely pleased with PED's overall financial results of $7.55 million in 2020, and January's strong 2021 results. The dramatic rise in the adoption of ecommerce sees no sign of abating. According to data by Accenture, there will be an increase of 169% in ecommerce purchases post-outbreak as people are poised to keep shopping online, even as shops open their doors again[1]. Additionally, a recent UK survey[2] indicates that two in five people intend to carry on purchasing goods online rather than return to stores when they re-open. Online ordering and doorstep delivery have become the new normal as patients and consumers continue to rely on convenient and sustainable delivery services."
PED is currently one of the premiere, most utilized delivery services in Ontario, and will continue to maintain its high standards of security and compliance for same day and next day parcels, even as it grows to meet provincial need. Pineapple Express Delivery is proud to be a platform that so many Canadians have been able to use to during these difficult times.
About World-Class
World-Class is an innovation-driven company with a principle focus on the rapidly evolving cannabis and hemp industries. World-Class offers compliant and secure delivery of government regulated products through its subsidiary Pineapple Express Delivery Inc., including medical and recreational cannabis in Ontario, Manitoba and Saskatchewan, and liquor delivery in certain jurisdictions in Saskatchewan. World-Class continues to investigate opportunities to deploy and manage custom-built extraction centres utilizing its custom systems, technology, and processes to efficiently produce high-quality cannabis and hemp concentrates and end-products.
Contact
World-Class Extractions Inc.
1-437-266-1968 | ir@worldclassextractions.com
www.worldclassextractions.com
https://pineappleexpressdelivery.com/
https://www.accesswire.com/632755/World-Class-Provides-Pineapple-Express-Delivery-Revenue-Update