Published: 08 September 2021
Written by Editor
World Class Provides Pineapple Express Delivery Revenue Update
~ Pineapple Express Delivery's revenue total $6,130,375 January - July 2021
VANCOUVER, BC / September 8, 2021 / World-Class Extractions Inc. (CSE:PUMP)(FRA:WCF)(OTCQB:WCEXF) ("Company" or "World-Class"), is pleased to provide an update on Pineapple Express Delivery Inc. ("Pineapple Express Delivery" or "PED"), a company in which World-Class has a controlling interest. PED is a leading logistics technology company offering compliant and secure delivery of controlled substances and regulated products, including medical and recreational cannabis delivery in Ontario, Manitoba and Saskatchewan, and liquor delivery in certain jurisdictions in Saskatchewan.
Pineapple Express Delivery - Highlights
The following PED revenues comprise of delivery services of medical and recreational cannabis within Ontario and Manitoba to various Business-to-Consumer and Business-to-Business licensed producer companies and liquor deliveries in Saskatchewan:
Revenue from January to July 2021 totaled $6,130,375.
Total revenue for May-July 2021 totaled $2,568,486 (unaudited) (February-April 2021 - $2,636,478 - audited) with gross margin for May-July 2021 of 23% (unaudited) (February-April 2021 - 24% - audited).
During the period May-July 2021, the number of deliveries was 157,365 compared to 184,498 February-April 2021. This is due to the (normal) yearly dip in summer deliveries.
During the period on Monday July 5, 2021, PED reached a key milestone, completing 1-Million deliveries.
PED continues to expand its technology footprint through a previously announced collaboration with Clearleaf Inc. (operating as "Buddi") as well a licensing agreement to provide software and support services to an arm's length party, which brings in approximately $10,000 -$12,000 monthly (unaudited). From January to July 2021, PED received approximately $86,913 in revenue from these operations.
"World-Class is pleased with PED's financial results of $6.1M from January-July 2021 and again wishes to congratulate PED for reaching its 1M delivery milestone during this period," said Rosy Mondin, CEO of World Class. "PED continues to successfully expand and rollout their technology with cannabis retailers in Canada, allowing these retailers to meet their delivery demands and provide an exceptional delivery experience. World-Class is proud to have Pineapple Express as part of our portfolio, providing a platform that many Canadians rely upon for receiving their regulated product orders as quickly, safely and as easily as they can obtain any other product in Canada."
PED's logistics and delivery services include medical and recreational cannabis delivery in Ontario, Manitoba, Saskatchewan - and now British Columbia - and liquor delivery in certain jurisdictions in Saskatchewan. Pineapple Express Delivery's clients include City Cannabis in BC, Shoppers Drug Mart/Medical Cannabis by Shoppers™, Spectrum Therapeutics, the medical division of Canopy Growth Corporation (TSX:WEED)(NYSE:CGC), The Saskatoon Co-operative Association Ltd. (Liquor Division) and CannTrust Inc. to their estoraTM medical cannabis patients.
About Pineapple Express Delivery Inc.
Pineapple Express Delivery's 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, and completing 1-Million deliveries in early July 2021. Pineapple Express Delivery offers a personalized experience for its customers and has established in-depth security and delivery protocols to facilitate delivery of cannabis and alcohol in Canada. Pineapple Express Delivery has been providing a same day delivery option to the legal cannabis industry since October 17th, 2018. Pineapple Express Delivery is a subsidiary of World-Class Extractions Inc. For more information please visit https://pineappleexpressdelivery.com/.
World-Class is an innovation-driven company with a principle focus on the rapidly evolving cannabis and hemp industries. World-Class offers compliant and secure delivery of government regulated products through its subsidiary Pineapple Express Delivery Inc., including medical and recreational cannabis in Ontario, Manitoba and Saskatchewan, and liquor delivery in certain jurisdictions in Saskatchewan. World-Class continues to investigate opportunities to deploy and manage custom-built extraction centres utilizing its custom systems, technology, and processes to efficiently produce high-quality cannabis and hemp concentrates and end-products.
World-Class Extractions Inc.
The Company cautions that figures for revenue, gross margin and number of deliveries generated from the services offered by Pineapple Express Delivery have not been audited beyond April 30, 2021 and are based on calculations prepared by the management of Pineapple Express Delivery. Actual results may differ from those reported in this release once figures have been audited.
Neither the Canadian Securities Exchange nor its Regulation Services 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.
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, and the ability of Pineapple Express Delivery to expand its delivery services and to provide discrete shipment of products. 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.
SOURCE: World-Class Extractions Inc.