Pineapple Express Cannabis Company

What they do

The company describes itself as operating in the cannabis and cryptocurrency sectors, but its filings report no revenue in the three and nine months ended October 31, 2025. Management states it has not generated revenues and has relied primarily upon capital generated from public and private offerings of its securities. It reports management compensation, stock issued for services, professional fees, general and administrative costs and rent as its operating expenses.

Revenue drivers

• Legacy cannabis-related revenue — The company reported $16,168 of revenue in the nine months ended October 31, 2025, but that figure reflects the prior-year comparative period; revenue was $0 in the current nine-month period and $0 in the most recent quarter.
• Cannabis product line — The 10-K refers to manufacturing specialty products and a limited number of products and services, but the excerpts do not identify specific products or quantify revenue by product line.
• Cryptocurrency-related activities — Forward-looking disclosures reference the volatile nature of the cryptocurrency market, potential security breaches, fluctuations in token values and changes in investor sentiment, but no crypto revenue is reported in the excerpts.
• Financing activities — The company states it has relied primarily on public and private offerings of its securities; it reported $748,654 of net cash used in financing activities in the nine months ended October 31, 2025.

Recent performance

For the three months ended October 31, 2025, the company generated revenues of $0 versus $4,332 a year earlier. Total expenses were ($110,947) in that quarter, consisting of management compensation of ($112,500), stock issued for services of $1,253 and rent of $300, while other expenses of ($90,488) included interest expense of ($98,826) and a $8,338 change in derivative, producing a net loss of $20,459. For the nine months ended October 31, 2025, revenue was $0 versus $16,168, total expenses were $319,970 led by $187,958 of professional fees, and the net loss was $622,176 versus $572. Operating cash flow is reported as $-45,031 for the fiscal year 2025, and the company had $0 cash and cash equivalents at October 31, 2025. Total liabilities were $8.3 million against total assets of $190,000, leaving shareholder equity of negative $8.2 million.

Strategy

Management says it will attempt to raise necessary funds to proceed with all phases of its plan of operation, but cannot guarantee it will sell all required shares under current offerings. It expects to meet obligations through borrowing and shareholder support. The company cites lower capital investment in start-up companies as the most significant challenge to success over the next year and future years. It also notes additional time required for public reporting and Sarbanes-Oxley Section 404 compliance. Recent 8-K events include a material agreement and acquisition or disposition completed in March 2025, a change in control and officer/director change in February 2025, and a change of accountants in May 2026.

Risks

• Going concern — The company reported $0 cash at October 31, 2025, a working capital deficit of $8,344,100, an accumulated loss of $1,295,822 and states these conditions raise substantial doubt about its ability to continue as a going concern.
• No current revenue — Revenue was $0 in both the three and nine months ended October 31, 2025, versus $4,332 and $16,168 respectively a year earlier.
• Regulatory and industry risk — The 10-K states the cannabis industry may not succeed, particularly if the Federal government changes course and prosecutes those dealing in medical or recreational cannabis.
• Cryptocurrency exposure — The 10-K flags risks relating to volatile token values, potential security breaches and changes in investor sentiment.

Outlook

Management states it will need additional funding for continuing development and marketing of products and will attempt to raise necessary funds, though it cannot guarantee selling all required shares under current offerings. The company expects to meet obligations through borrowing and shareholder support. It identifies lower capital investment in start-ups as the most significant challenge ahead and cites added costs of public reporting and Section 404 compliance. No revenue guidance or specific product timeline is provided in the excerpts.