- Revenue increase of 133% from March 2020
- Gross profit increase of 257% from March 2020
- Pretax net income increase of 527% from March 2020
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/.
Christina Rao & Daniel Mogil
World-Class Investor Relations
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.