Pineapple Express Delivery Reports Record Results for April 2020
May 14 2020 - 12:40PM
InvestorsHub NewsWire
Pineapple
Express Delivery Reports Record Results for April 2020
-
Revenue
increase of 133% from March 2020
-
Gross
profit increase of 257% from March 2020
-
Pretax net
income increase of 527% from March 2020
VANCOUVER,
BC, Canada -- May 14, 2020 -- InvestorsHub NewsWire -- World-Class
Extractions Inc. (CSE: PUMP) (FRA:WCF) (OTCQB:WCEXF) (the "Company"
or "World-Class")
is pleased to report that its subsidiary, Pineapple Express
Delivery Inc. ("Pineapple
Express Delivery"), a leading logistics
technology company offering specialized
delivery
services
for
both
the
medical
and
recreational
cannabis
markets, had
record unaudited revenues for the month of April 2020. April 2020
highlights include:
-
Revenue totaling $819,931
(April 2019 – $21,981),
-
Gross profit of $404,084, or
49% gross profit margin (April 2019 – deficiency of $21,066);
and
-
Pretax net income of
$188,428 (April 2019 – Net loss of $400,233).
Compared to its
unaudited revenues for the month of March 2020, Pineapple Express
Delivery experienced the following increases in April
2020:
-
Revenues up by 133%
($352,637 March 2020 revenue (previously estimated at $347,897 in
April 1, 2020 news release)),
-
Gross profit up by 257%
($113,194 March 2020 gross profit or 32% March 2020 gross
profit
margin (gross profit margin previously
estimated
at
25%
in
April
1,
2020
news
release)),
and
-
Pre-Tax Net income up by
527% (net loss of $44,091 March 2020).
Pineapple
Express Delivery credits its success to offering a personalized
experience for its customers and has established in-depth security
and delivery protocols to facilitate cannabis delivery across
Canada. Pineapple Express Delivery currently has several contracts
in place with Licensed Producers for delivery within select
provinces in Canada. Pineapple Express Delivery is targeting to
become the delivery company of choice for Business-to-Consumer
("B2C")
and Business-to-Business ("B2B")
companies associated with medical and recreational cannabis,
including all provincial organizations which manage cannabis
distribution. In addition to continuing to offer premium delivery
services for recreational and medical cannabis products, Pineapple
Express Delivery services also include the delivery of liquor from
Saskatoon Co-op's Wine-Spirits-Beer retail stores.
Randy
Rolph
of
Pineapple
Express
Delivery
stated:
"Our
vision
and
long-term
goal
continues
to
become
the go-to same day delivery and next day delivery company in Canada. We have established
ourselves as the
clear leader in the B2C and B2B markets and continue to focus 100
percent on the growth of Pineapple Express Delivery and rapidly
differentiate ourselves across the industry. Our goal is to provide
the entire cannabis industry with an exceptional safe, secure and
compliant same day and next day service. Currently, COVID-19 means
our customers need to remain home and healthy and to ensure the
safety of our customers, our drivers have been trained in physical
distancing practices and are equipped with PPE kits. Consumers can
rest assured that our delivery services will continue to meet the
highest standards in compliance, discretion and customer
experience."
Rosy Mondin, CEO
of World-Class, remarked, "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."
The Company
cautions that figures for revenue, gross profit and net income
generated from the services offered by Pineapple Express Delivery
have not been audited and are based on calculations prepared by the
management of Pineapple Express Delivery. Actual results may differ
from those reported in this release once these figures have been
audited.
About World-Class Extractions Inc.
World-Class
develops,
deploys
and
manages
custom-built
extraction
centers
for
licensed
cannabis
and hemp
processors. Utilizing its custom technology and processes,
World-Class enables its licensed partners to efficiently produce
high-margin cannabis and hemp concentrates and oils. Through its
relationships with licensed partners, World-Class has the ability
to offer toll processing of cannabis and hemp to licensed third
parties that lack the expertise and equipment required to produce
high- quality cannabis and hemp concentrates and end-products. In
addition, Pineapple Express Delivery, a World-Class subsidiary,
offers legal cannabis delivery services for both the medical
and recreational markets in
Ontario, as well as certain other provinces within
Canada.
About
Pineapple Express Delivery Inc.
The Pineapple
Express Delivery management team has over 10 years of experience
offering same- day 60-minute delivery services in multiple
industries across Canada with a record breaking 40,000 deliveries
per month. Pineapple Express Delivery offers a personalized
experience for its customers and has established
in-depth
security
and
delivery
protocols
to
facilitate
same-day
delivery
of
medical and
recreational cannabis across the country. Pineapple Express Delivery
has been providing a same day delivery option to the legal Cannabis Industry from October 17th, 2018 and has provincial
offices set up
across Canada. Pineapple Express Delivery is a subsidiary of
World-Class Extractions Inc. For more information please
visit
https://pineappleexpressdelivery.com/.
Investor Contact
Christina Rao
& Daniel Mogil
World-Class Investor Relations
1-604-723-7480
ir@worldclassextractions.com
https://worldclassextractions.com
Neither
the
Canadian
Securities
Exchange
nor
its
Regulation
Service
Provider
(as
that
term
is
defined
in
the
policies of the Canadian Securities Exchange) accepts
responsibility for the adequacy or accuracy of this press release,
which has been prepared by management of the Company.
Cautionary Note Regarding Forward-Looking Statements
All
statements in this press release, other than statements of
historical fact, are "forward-looking information" with
respect
to
the
Company
within
the
meaning
of
applicable
securities
laws,
including
with
respect to
Pineapple
Express
Delivery's
strategic
partnerships
creating
additional
opportunities
for
World-
Class in
the
future
and
the
successful
deployment
of
the
Company's
cannabis
and
hemp
processing
centres.
The
Company
provides
forward-looking
statements
for
the
purpose
of
conveying
information
about
current
expectations and
plans
relating
to
the
future
and
readers
are
cautioned
that
such
statements
may
not
be
appropriate for
other
purposes.
By
its
nature,
this
information
is
subject
to
inherent
risks
and
uncertainties
that may be general or specific and which give rise to the
possibility that expectations, forecasts, predictions,
projections
or
conclusions
will
not
prove
to
be
accurate,
that
assumptions
may
not
be
correct
and that
objectives,
strategic
goals
and
priorities
will
not
be
achieved.
These
risks
and
uncertainties
include
but are not limited those identified and reported in the Company's
public filings under the Company's
SEDAR profile
at
www.sedar.com.
Although
the
Company
has
attempted
to
identify
important
factors
that
could cause
actual
actions,
events
or
results
to
differ
materially
from
those
described
in
forward-looking
information, there
may
be
other
factors
that
cause
actions,
events
or
results
not
to
be
as
anticipated,
estimated or
intended.
There
can
be
no
assurance
that
such
information
will
prove
to
be
accurate
as
actual
results and
future
events
could
differ
materially
from
those
anticipated
in
such
statements.
The
Company
disclaims any
intention
or
obligation
to
update
or
revise
any
forward-looking
information,
whether
as
a
result of
new
information,
future
events
or
otherwise
unless
required
by
law.
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