Pineapple Express, a subsidiary of World Class Extractions (PUMP.C) has pulled in total revenue of $819,931.
Recognizing the need to expand their distribution web, World Class Extractions picked up controlling interest of cannabis delivery company Pineapple Express Delivery at the beginning of April, and proceeded to pick up lucrative contracts in three cities in Ontario and Saskatchewan.
“World Class is thrilled with the continued success of Pineapple Express Delivery, a fast-growing cannabis delivery business with an impressive management team. With the unfortunate outbreak of COVID-19 and the cannabis sector deemed an essential service in Ontario, the need for a legal, proven and reliable solution for cannabis delivery in Canada is evident now more than ever. This investment will allow us to participate in and capture Pineapple Express Delivery’s potential growth on our future financial statements. Pineapple Express Delivery’s strategic partnerships enable interprovincial deliveries across Canada, providing services for key industry clients and partners which we believe will create additional opportunities for World Class in the future,” said Rosy Mondin, chief executive officer of World Class Extractions.
There’s definitely something to be said for a company that recognizes an opportunity, takes it and runs with it, and that’s what World Class has done here with Pineapple Express.
Pineapple Express Delivery credits its success to the personalized experience it provides for its customers, and has established in-depth security and delivery protocols to their delivery process across Canada.
April, 2020, highlights include:
- Revenue totalling $819,931 (April, 2019 — $21,981);
- Gross profit of $404,084, or 49-per-cent gross profit margin (April, 2019 — deficiency of $21,066);
- Pretax net income of $188,428 (April, 2019 — net loss of $400,233).
In addition to the two already named, the company currently ash several contracts in place with licensed producers for delivery within certain Canadian provinces. Their immediate goal is to become the delivery company of choice for business-to-consumer (B2C) and business-to-business (B2B) companies involved with either medical or recreational cannabis (or both), including all the provincial organizations which manage cannabis distribution.
It also doesn’t hurt their bottom line that they will also do liquor deliveries from the Saskatoon Co-op’s Wine-Spirits-Beer retail chain.
Compared with its unaudited revenues for the month of March, 2020, Pineapple Express Delivery experienced the following increases in April, 2020:
- Revenues up by 133 per cent ($352,637 — March, 2020, revenue (previously estimated at $347,897 in April 1, 2020, news release));
- Gross profit up by 257 per cent ($113,194 — March, 2020, gross profit or 32 per cent March, 2020, gross profit margin (gross profit margin previously estimated at 25 per cent in April 1, 2020, news release));
- Pretax net income up by 527 per cent (net loss of $44,091 — March, 2020).
Currently, COVID-19 has the majority of us laid up at home. Going out is pointless because there’s rarely anywhere to go, and the hourly trek to Tim Hortons gets kind of stale after awhile. If we consider that there isn’t much to do all day for the majority of people except sit around, get high, order food to avoid going out and watch Netflix, while we wait for the government to fling open the gates to our old lives, it becomes obvious that this pandemic has been great for delivery companies.
How’s that old saying go? Make hay while the sun shines?
—Joseph Morton
Full disclosure: World Class Extractions is an equity.guru marketing client.
