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Pineapple Express Cannabis Company (OTCPK: PNXP) has announced a significant move towards expansion and growth.
The LA-based publicly-traded cannabis company will be offering up to 5 million shares of its common stock, priced at $1 per share, with a total aggregate amount of $5 million. These shares are exclusively available to accredited investors in compliance with Regulation D, Rule 506(c) under the Securities Act of 1933, enabling general solicitation.
See Also: How to Invest in Cannabis Stocks
It's important to note that these shares are not registered under the Securities Act and can only be sold in the United States if they meet specific exemptions. The shares will be considered restricted securities under Rule 144 of the Securities Act. The company cannot sell them in states where it's prohibited and purchasers will also be subject to a resale restriction of at least 6 months.
This offering aims to raise capital for the company's strategic plan of launching 10 fully licensed retail cannabis dispensaries in the metro Los Angeles area along with financing general corporate operations.
See Also: Unlocking Success In California's Cannabis Industry: A Chat With Green Horizons' Carlos Arias
The company's chairman and CEO, Matthew Feinstein expressed confidence in the growth prospects. "We have a tremendous footprint of legal and licensed cannabis retail locations that are already leased and are undergoing interior renovations to commence operations."
This press release does not constitute an offer to buy or sell shares or any other securities. No solicitation or sale will occur in jurisdictions where it's illegal. Any potential offers will be conducted through a private offering memorandum or another formal agreement between the company and investors, adhering to Rule 135c under the Securities Act.
Read Next: With Increasing Legal Acceptance Global Cannabis Market Projected To Reach $51 Billion In 2023
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