Pineapple Express Cannabis Co., based in Georgia (OTC Pink: PNXP), is looking to buy tech company Groovy Company Inc., (USOTC Sanp) via a stock exchange deal. Pineapple would receive 350 million Groovy shares, while Groovy would get 5 million Pineapple shares.
According to the press release, this deal gives Pineapple Express “controlling interests” in Groovy and gives it a technological advantage in fighting counterfeit cannabis products.
According to the press release, Pineapple plans to use Groovy’s technology platform to create QR codes for cannabis products at retail stores to verify their legal status.
Groovy will provide information instantly to users who scan QR codes about Pineapple Express cannabis products. This includes “detailed product information”, “lab-test verification” and other information, said the press release.
The release stated that “By combining GROOVY’s cutting-edge Blockchain authentication technology with Pineapple Express’s industry presence we are positioned revolutionize the way consumers verify authenticity and origins of cannabis product”, Frank Yglesias. CEOs of Pineapple and Groovy.
We expect the transaction to be completed within a few weeks.