Westleaf’s(WL.V) subsidiary Prairie Records has teamed up with Pineapple Express Delivery to deliver same-day cannabis to customers in Saskatchewan.
We’ll get back to Westleaf and Prairie Records in a moment.
Canada Post wasn’t built to deliver cannabis. There are too many hands and too much protocol for any package to go through to get from Point A to Point B to make this anything but a supremely inefficient service for a plant with such a short shelf-life.
Given the amount of complaints levied against Canada Post after their various legalization day issues, it’s no wonder the market has produced an alternative to the moribund, strike-prone, shoddy service offered by the government.
Besides, nobody wants to order their weed on a Wednesday from a government website and receive it (maybe) by Friday. Especially if you live in a prairie province where there’s nothing to do after work but watch the same movies over down at the theater.
That’s what makes Prairierecords.ca an interesting concept. It’s the online e-commerce arm of Westleaf subsidiary, Prairie Records, a cannabis store that combines the cachet of the High Fidelity era record shop and weed. They’re presently operating out of two Saskatoon stores, and one in nearby Warman, Saskatchewan, but they have plans underway to expand into both Alberta and Manitoba.
The same day service is provided by Pineapple Express Delivery.
Pineapple Express Delivery has been delivering recreational cannabis since legalization day, and medical cannabis for years before that. In that time, they’ve built a reputation as Canada’s leading same-day delivery service for both of those markets, servicing both the B2B and B2C markets.
Here’s Randy Rolph, CEO of Pineapple Express Delivery, discussing the advantage his company offers.
“The price difference (between Pineapple Express Delivery and Canada Post) is practically the same. It might differ by about $2, but if you can have your parcel delivered the same day — or you don’t know when it’s going to come in through Canada Post — for $2 you might as well streamline the whole process … and have it delivered to you discreetly and safely.”
And Pineapple Express definitely takes their security seriously, having contracted out the details to 3Sixty Risk (SAFE.C), one of the most well-regarded security firms operating in the cannabis sector, which transports more than $250 million worth of product every month. 3Sixty also provides transport security services to more than 500 customers and more than 60 licensed cannabis producers, including LPs owned by Canopy Growth (WEED.T).
TSX-V tier two
In other news, Westleaf has qualified to graduate from Tier 2 to Tier 1 issuer status on the TSX-Venture exchange.
Tier 1 is reserved for the exchanges most advanced issuers.
The classification system sorts issuers into different tiers based on standards including historical financial performance, development stage and financial resources.
Westleaf’s chart shows that it’s had some troubles getting off the ground in their first six months as a public entity, but this company’s keen eye for marketing and rock solid partnerships suggest that it simply needs some exposure and time to build a reputation.
Westleaf shares slid $0.019 and are presently trading at $0.37.
They have 95,856,000 issued and outstanding shares and a market cap of $37.2 million.
Full Disclosure: Westleaf and 3Sixty Secure are Equity.Guru marketing clients.