More legal troubles for marijuana firm Pineapple Express

  • Pineapple Express, which provides consulting, financial and real estate services to marijuana businesses, is being sued by three companies that allege the Los Angeles firm owes them nearly $685,000.
  • The plaintiffs – MSA Consulting, Orr Builders and Prest-Vuksic Architects – charge that Pineapple Express failed to pay for their work designing and building Pineapple Park, a 10-acre cultivation complex in Southern California, The Desert Sun reported.
  • Pineapple Express said the debt stemmed from a bad real estate deal, The Desert Sun reported.
  • The suit is the latest financial issue for Pineapple Express.
  • In April 2016, the Securities and Exchange Commission temporarily halted trading in Pineapple Express stock because of irregular market activity and concerns over the firm’s trading practices.

Pineapple Express, which provides consulting, financial and real estate services to marijuana businesses, is being sued by three companies that allege the Los Angeles firm owes them nearly $685,000.

@BestMJStock: $UBQU $MJNA $HEMP $CBIS $PHOT More legal troubles for marijuana firm Pineapple Express

Pineapple Express, which provides consulting, financial and real estate services to marijuana businesses, is being sued by three companies that allege the Los Angeles firm owes them nearly $685,000.

The plaintiffs – MSA Consulting, Orr Builders and Prest-Vuksic Architects – charge that Pineapple Express failed to pay for their work designing and building Pineapple Park, a 10-acre cultivation complex in Southern California, The Desert Sun reported.

Pineapple Express said the debt stemmed from a bad real estate deal, The Desert Sun reported. The publicly traded company added that it planned to sell a subsidiary to help resolve the debt.

The suit is the latest financial issue for Pineapple Express.

The company announced March 3 that it had eliminated its chief compliance officer position and replaced its chief financial officer post with a public accounting and compliance firm. The cuts will save $30,000 a month, Pineapple Express said.

In April 2016, the Securities and Exchange Commission temporarily halted trading in Pineapple Express stock because of irregular market activity and concerns over the firm’s trading practices.

Company co-founder Vincent Mehdizadeh was recently charged by the SEC for issuing bogus reports about another company he founded, Medbox, and creating a shell company for conducting “sham transactions.”

More legal troubles for marijuana firm Pineapple Express

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