January 7, 2019 10:45 AM, EST

Namaste Extends Stake in Cannabis Provider Pineapple Express

Cannabis e-commerce company Namaste Technologies has announced its entrance into a share purchase agreement of an additional 34% equity stake in Pineapple Express Delivery, a same-day cannabis delivery provider in Canada, according to a Dec. 17 press release. Namaste previously acquired shares from Pineapple Express in June 2018, and it now owns 49% of the latter company’s outstanding common shares.

The purchase agreement cost Namaste C$3.06 million, and it has the right to buy an additional 10% stake. As a result of the deal, Namaste’s CEO Sean Dollinger will be appointed to Pineapple Express’ board of directors, but that company’s management team will retain financial and operational control.

According to the press release, “Namaste’s goal is to evolve the current landscape for online retail cannabis products by improving the user experience.”

The e-commerce platform consists of more than 30 websites in more than 20 countries under various brands. — Transport Topics