Ms. Rosy Mondin reports
PINEAPPLE EXPRESS DELIVERY REPORTS RECORD RESULTS FOR APRIL 2020
World Class Extractions Inc.'s subsidiary, Pineapple Express Delivery Inc., had record unaudited revenues for the month of April, 2020.
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).
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).
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 per cent 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, chief executive officer 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 centres 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 Oct. 17, 2018, and has provincial offices set up across Canada.
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