World-Class Extractions (PUMP.C) subsidiary, Pineapple Express Delivery Inc., entered into an agreement with CannaLogic Solutions today, to provide Canadian dispensaries access to their e-commerce and logistics management software platform.
Cannabis is considered an essential service in most Canadian provinces, with Ontario being the only exception. People can still venture out into the Saskatchewan wilderness to their local weed shop and acquire their medicine, and how long that continues depends on how well each province does with their separate curve-flattening goals. If the time should come where the COVIDiots protesting about global conspiracy theories cause Trudeau to further tighten quarantine controls, then the only way people are going to get their medicine will be through delivery.
“Joining forces allows us to expedite a compliant platform to Canadian dispensaries to help them service their clients through a first-person delivery platform and driver app that enables consumers to track their product. We will be providing our support and expertise to dispensaries on same-day delivery logistics and security of cannabis. In addition, this gives us the opportunity to offer dispensaries an e-commerce solution, in-store POS and inventory management software as needed,” said Randy Rolph, CEO of Pineapple Express Delivery.
Pineapple Express Delivery promises same-day or next-day delivery servicing both the business to business and business to consumer customers in both medical and recreational cannabis markets. They offer a personalized experience for its customers and have established in-depth security and delivery protocols for cannabis delivery across Canada. World Class Extractions picked them up at the start of April and has since put them to work, first hiring ninety new drivers and getting them set up in Ontario to meet the increased demand in the cities of London, Barrie and Ottawa.
WCE/PED Deal Highlights:
- WCE purchased a $500,000 secured convertible debenture from PED, convertible at the option of World-Class at $0.15 per common share of PED.
- The Convertible Debentures have a two-year term and bear interest at 12% per annum.
- WCE also purchased 8.33 million units of PED, at a price of $0.15 per Unit for aggregate gross proceeds of $1,250,000.
- The common shares of PED held by WCE represent approximately 21.55% of PED, valuing PED at about $5.8 million dollars.
- PED utilized a portion of the financing to buy 25 million shares of WCE at a price of $0.05 per share. These shares are subject to a holding period expires on August 1, 2020.
CannaLogic is an e-commerce and logistics management software platform that partners with same-day delivery and dispensary clients globally. They offer a fully custom e-commerce site with an intuitive point of sale, fulfillment, dispatch and driver apps, including a full stack of marketing and promotional tools. The platform also offers real time order tracking and automated notifications for customers, drivers and management.
The venture agreement has CannaLogic providing its suite of products and services, including the technical support team to deploy its platform, and Pineapple Express will handle the sales and marketing support in addition to its contact base of dispensaries within Canada. Any profits generated will be shared equally between the parties involved.
Full disclosure: World Class Extractions is an equity.guru marketing client.