ORGANIZATION AND NATURE OF BUSINESS

9 Months Ended

Oct. 31, 2024

Accounting Policies [Abstract]

ORGANIZATION AND NATURE OF BUSINESS

Note 1 – ORGANIZATION AND NATURE OF BUSINESS

Pineapple Express Cannabis Company is based in Los Angeles, California. The Company’s wholly owned operating subsidiary, Ananas Growth Ventures, serves as an incubator, helping early-stage ventures and startups in the cannabis sector through funding, mentoring, and training. The Company is also engaged in legal cannabis retail through its 50% owned equity method investee, Pineapple Consolidated Inc. (“PCI”). PCI runs Pineapple Express, a cannabis retailer and owns and manages retail cannabis ventures. PCI seeks to become a leading portfolio management company in the U.S. cannabis industry. With its headquarters in Los Angeles, Pineapple Express is rapidly increasing its footprint throughout California and is looking to scale into underdeveloped markets.

PCI has executed management contracts for 10% revenue sharing with eight entities in which it holds an equity interest through its wholly owned subsidiary, PNPL Holdings, Inc. Those entities are shown below:

● PNPLXpress X, Inc. (“Van Nuys Dispensary”): 10% as of October 31, 2024 (dispensary and delivery).

● Goldstar Industrees (“Northridge Dispensary”): 29% as of October 31, 2024 (dispensary and delivery).

● PNPLXpress, Inc. (“Hollywood Dispensary”): 10% equity interest as of October 31, 2024 (dispensary and delivery).

● PNPLXpress II, Inc. (“Northeast LA Dispensary”): 49% interest as of October 31, 2024 (dispensary and delivery).

● Pineapple Equities, Inc. (“Beverly Grove Dispensary”): 24% equity interest as of October 31, 2024 (dispensary and delivery).

● 5660 W. Pico & Hope (Mid-Wilshire Dispensary): 49% equity interest as of October 31, 2024 (dispensary and delivery).

● 19841 Ventura & Hope (Woodland Hills Dispensary): 19% equity interest as of October 31, 2024 (dispensary and delivery).

● 1485 W. Sunset & Hope (Echo Park Dispensary): 29% equity interest as of October 31, 2024 (dispensary and delivery).

Effective April 20^th, 2024, the Company executed a revenue share agreement with PCI whereas the Company will receive half of the 10% management fee at the locations listed above in exchange for a promissory note of $5,000,000, bearing one percent (1%) interest per year, and payable at the Company’s discretion with a maturity date of April 20, 2029. The note was later reduced by $2,000,000 by mutual agreement on August 9, 2024.