Shares of World-Class Extractions Inc (OTCMKTS:WCEXF) (CSE:PUMP) closed higher in the previous session.
Trading Data
On Friday, PUMP stock soared 50% to close at C$0.0150 with more than 95 shares traded, compared to its average volume of 810K shares.
World Class Concludes Sale of its Interest in Pineapple Express Delivery to Fire & Flower
World-Class Extractions Inc (OTCMKTS:WCEXF) (CSE:PUMP) on January 25, 2022, announced the finishing of sale of an interest in Pineapple Express Delivery Inc to Fire & Flower Holdings Corp pursuant to a transaction announced earlier in December 2021.
A leading, technology-powered, and adult-use cannabis retailer with over 100 stores, Fire and Flower harnesses wholly-owned technology development subsidiary, HifyreInc, for advancing proprietary retail operations model as well as giving additional independent revenue streams.
Leading logistics technology company, PED, which offers compliant and secure delivery of controlled substances as well as regulated products, is well known across the cannabis industry as the biggest player in the space. The company finishes 40,000 deliveries every month for medical and cannabis customers monthly across Canada.
Fire and Flower have repaid about $5.15 million in debt owed by Pineapple Express Delivery. Furthermore, it has issued about 1,153,142 common shares of Fire & Flower, from which 313,708 were released on closing. Haywood Securities Inc. was the exclusive financial advisor.
Rosy Mondin, CEO of World-Class said that the synergies between Pineapple Express Delivery and Fire & Flower will propel the two companies towards significant growth in cannabis analytics, retail as well as delivery space.
Mondin added that World-Class has divested one of the investments and has made its balance sheet robust. The CEO further added that the company will carry on pursuing extra opportunities in the market for delivering value to its shareholders.
Key Quote
“The synergies between Fire & Flower and Pineapple Express Delivery should propel these two companies for tremendous future growth in the cannabis retail, analytics, logistics and delivery space.” stated Rosy Mondin, CEO of World-Class. “World-Class has successfully divested one of its investments and in return has strengthened its balance sheet. We will continue to pursue additional opportunities in the market to deliver value to our shareholders.”
Technical Data
PUMP stock is trading above the 20-Day and 500-Day Moving averages of $0.0113 and $0.0118 respectively. However, the stock is trading below the 200-Day moving average of $0.0197.
