Namaste Technologies (TSXV:N) announced share purchase agreement to increase its ownership stake in Pineapple Express Delivery.
As quoted in the press release:
Namaste Technologies is pleased to announce that the Company has entered into a share purchase agreement (the “Agreement”) to acquire common shares in Pineapple Express Delivery and an affiliated entity, representing an additional 34 [percent] equity in exchange for such number of common shares of Namaste having an aggregate value of approximately C$3.06 Million (the “Transaction”). Upon completion of the Transaction, Namaste will own 49 [percent] of the outstanding common shares of Pineapple Express.
Namaste’s Agreement with Pineapple Express supports the Company’s strategy to invest in innovative companies which bring value to the Company and to the broader market. Namaste believes that same-day delivery for medical and recreational cannabis through Pineapple Express’ platform will provide patients and consumers with added-value and the Company looks forward to the expansion of the platform across Canada.