UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

FORM 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~July~~October 31, 2024

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to ___________

Commission File Number 001-41762

PINEAPPLE EXPRESS CANNABIS COMPANY

(Exact name of registrant as specified in its charter)

Nevada		36-4864568
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

12301 Wilshire Blvd Ste 302, Los Angeles, CA 90025		90025
(Address of principal executive offices)		(Zip Code)

(888) 245-5703

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
N/A		N/A		N/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of ~~October~~January 3121, ~~2024~~2025, there were 19,834,550 shares of common stock, par value $0.001, issued and outstanding.

Table of Contents

		Page
Part I—Financial Information		4

Item 1.	Financial Statements	4
	Consolidated Balance Sheets at April 30, 2024 (Unaudited) and January 31, 2024	4
	Consolidated Statements of Operations for the Three Months Ended April 30, 2024 and 2023 (Unaudited)	5
	Consolidated Statements of Changes in Stockholders’ Equity for the Three Months Ended April 30, 2024 and 2023 (Unaudited)	6
	Consolidated Statements of Cash Flows for the Three Months Ended April 30, 2024 and 2023 (Unaudited)	7
	Notes to Unaudited Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	11
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	14
Item 4.	Controls and Procedures	14

Part II—Other Information		14

Item 1.	Legal Proceedings	14
Item 1A.	Risk Factors	14
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	14
Item 3.	Defaults Upon Senior Securities	15
Item 4.	Mine Safety Disclosures	15
Item 5.	Other Information	15
Item 6.	Exhibits	15

	Signatures	16

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report includes “forward-looking statements” within the meaning of the federal securities laws that involve risks and uncertainties. Forward-looking statements include statements we make concerning our plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs and other information that is not historical information. When used in this quarterly report, the words “estimates,” “expects,” “anticipates,” “projects,” “forecasts,” “plans,” “intends,” “believes,” “foresees,” “seeks,” “likely,” “may,” “might,” “will,” “should,” “goal,” “target” or “intends” and variations of these words or similar expressions (or the negative versions of any such words) are intended to identify forward-looking statements. All forward-looking statements are based upon information available to us on the date of this Quarterly Report.

These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of our control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks and uncertainties are discussed in the “Risk Factors” section of our Annual Report on Form 10-K for the year ended January 31, 2024, filed with the Securities and Exchange Commission on June 3, 2024, as the same may be updated from time to time.

All forward-looking statements attributable to us in this Quarterly Report apply only as of the date of this Quarterly Report and are expressly qualified in their entirety by the cautionary statements included in this Quarterly Report. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to publicly update or revise forward-looking statements to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events, except as required by law.

PART I—FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

PINEAPPLE EXPRESS CANNABIS COMPANY AND SUBSIDIARIES

BALANCE SHEET

(Unaudited)

	July 31, 2024 (Unaudited)			January 31, 2024 (Audited)
	October 31, 2024 (Unaudited)			January 31, 2024 (Audited)
ASSETS
Current Assets
Cash and cash equivalents	$	-1000		$	30
Accounts Receivable		~~9872~~14204			-
Total Current Assets		~~9872~~15204			30
Other Assets
Intangible Assets		3,000,000			-
Due from related party		-			-
Total Other Assets		3,000,000			-
Fixed Assets
Equipment, software, leasehold improvement, net		~~1,610~~1495			1,840
Total Fixed Assets		~~1,610~~1495			1,840
Total Assets	$	~~3,011,482~~3016699		$	1,870
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Current Liabilities
Accounts Payable	$	~~15020~~20484		$	17,797
Related party loan		2,~~966~~967,714
Deposit for stock purchase		-
Total Current Liabilities		~~2981734~~2988198		$	17,797
					-
Total Liabilities	$	~~2981734~~2988198		$	17,797
Commitments and Contingencies		-			-
Stockholders’ Equity (Deficit)
Common stock, par value $0.001 per share; 75,000,000 shares authorized; 20,344,550 and 19,004,550 shares issued and outstanding, respectively		~~19835~~19834			20,745
Additional paid-in capital		932,812			887,902
Retained Earnings / (Accumulated Deficit)		(~~922898~~924,146	)		(924,574	)
Total Stockholders’ Equity (Deficit)		~~29749~~28501			(15,927	)
Total Liabilities and Stockholders’ Equity (Deficit)	$	~~3,011,482~~3016699		$	1,870

See accompanying notes, which are an integral part of these financial statements.

PINEAPPLE EXPRESS CANNABIS COMPANY AND SUBSIDIARIES

STATEMENTS OF OPERATIONS

Three and ~~six~~Nine months ended ~~July~~October 31, 2024 and ~~July~~October 31, 2023

(Unaudited)

	2024			2023			2024			2023
	For the Three Months Ended July 31,						For the Six Months Ended July 31,
	For the Three Months Ended October 31,						For the Nine Months Ended October 31,
	2024			2023			2024			2023
REVENUES		~~9872~~4332			-		$	~~11836~~16168		$	-
Cost of goods sold		-			-			-			-
Gross Profit		~~9872~~4332			-			~~11836~~16168			-
OPERATING EXPENSES
General and administrative expenses		(5580	)		(~~19,247~~2115	)		(~~11,160~~16740	)		(~~48,953~~51068	)
TOTAL OPERATING EXPENSES		(5580	)		(~~19,247~~2115	)		(~~11,160~~16740	)		(~~48,953~~51068	)
Operating loss		~~4292~~(1248	)		(~~19,247~~2115	)		~~676~~(572	)		(~~48,953~~51068	)
Other Income
Income from equity-method investment		-			~~633,160~~			-			~~842,460~~985737
Total Other Income		-			~~633,160~~			-			~~842,460~~985737
Income (loss) from operations before taxes		~~4292~~(1248	)		~~613,913~~(2115	)		~~676~~(572	)		~~793,507~~934669	)
PROVISION FOR INCOME TAXES		-			-						-
NET INCOME (LOSS)		~~4292~~(1248	)		~~613,913~~(2115	)		~~676~~(572	)		~~793,507~~934669
NET INCOME (LOSS) PER SHARE: BASIC AND DILUTED		(0.00	)		(0.0300	)		(0.00	)		(0.0400	)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED		19,836,217			20,344,550			19,836,217			20,344,550

See accompanying notes, which are an integral part of these financial statements.

PINEAPPLE EXPRESS CANNABIS COMPANY AND SUBSIDIARIES

STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

Three and ~~six~~nine months ended ~~July~~October 31, 2024 and 2023

(Unaudited)

	~~Shares~~	Shares		~~Amount~~	Amount		~~Capital~~	Capital	~~Deficit)~~	Deficit)		~~(Deficit)~~	(Deficit)
	~~Common Stock~~	Common Stock					~~Additional Paid-in~~	Additional Paid-in	~~Retained Earnings (Accumulated~~	Retained Earnings (Accumulated		~~Total Stockholders’ Equity~~	Total Stockholders’ Equity
	~~Shares~~	Shares		~~Amount~~	Amount		~~Capital~~	Capital	~~Deficit)~~	Deficit)		~~(Deficit)~~	(Deficit)
Balance, January 31, 2023		19,004,550		$	19,005		$	19,641	$	(582,996	)	$	(544,350	)
Issuance of common stock		1340000			1340			668661		-			670001
Net loss for the six months ended July 31, 2023		-			-			-		793507			793507
Net loss for the nine months ended October 31, 2023		-			-			-		934669			934669
Balance, July 31, 2023		20,344,550			20,345			688,302		210,511			919,158
Balance, October 31, 2023		20,344,550			20,345			688,302		351673			1060320
Balance, January 31, 2024		20,744,550		$	20,745		$	887,902	$	(924,574	)	$	(15,927	)
Balance		20,744,550		$	20,745		$	887,902	$	(924,574	)	$	(15,927	)
Issuance of common stock		90,000		$	90		$	44,910		-		$	45,000
Cancellation of common stock		(1,000,000	)	$	(1,000	)		-		1,000			~~(1,000~~-	)
Net income for the six months ended July 31, 2024		-			-			-		676			676
Net income for the Nine months ended October 31, 2024		-			-			-		(572	)		(572	)
Balance, July 31, 2024		-			19,835			932,812		(922898	)		29749
Net income loss		-			-			-		(572	)		(572	)
Balance, April 30, 2023		20,344,550		$	20,345		$	688,302	$	(403,402	)	$	305,245
Balance, October 31, 2024		-			19,835			932,812		924146			28501
Net loss for the three months ended July 31, 2023		-			-			-		613913			613913
Balance		-			19,835			932,812		924146			28501
Balance, July 31, 2023		20,344,550			20,345			688,302		210,511			919,158
Balance, April 30, 2024		-		$	19,835		$	932,812	$	(927190	)	$	25,457
Balance		-		$	19,835		$	932,812	$	(927,190	)	$	25,457
Net gain for the three months ended July 31, 2024		-			-			-		4292			4292
Net income (loss)		-			-			-		4292			4292
Balance, July 31, 2024		-			19,835			932,812		(922898	)		29749
Balance		-			19,835			932,812		(922898	)		29749

See accompanying notes, which are an integral part of these financial statements

PINEAPPLE EXPRESS CANNABIS COMPANY AND SUBSIDIARIES

STATEMENTS OF CASH FLOWS

~~Six~~Nine months ended ~~July~~October 31, 2024 and 2023

(Unaudited)

	Six Months Ended July 31, 2024			Six Months Ended July 31, 2023
	Nine Months Ended October 31, 2024			Nine Months Ended October 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$	~~676~~(572	)	$	~~793,507~~934669
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation		~~230~~345			~~230~~345
Change in Accounts Receivable		(~~9872~~14204	)		-
Change in accounts payable		~~(2777~~2668	)		~~14,365~~14365
Income from equity-method investment		-			(~~842,460~~985737	)
CASH FLOWS FROM OPERATING ACTIVITIES		(~~11744~~11763	)		(~~34,358~~36358	)
CASH FLOWS FROM FINANCING ACTIVITIES
Related party loan		~~11714~~12144			~~34358~~36358
CASH FLOWS FROM FINANCING ACTIVITIES		~~11714~~12144			~~34358~~36358
NET CHANGE IN CASH		~~(30~~381	)		-
Cash, beginning of period		30			-
Cash, end of period		-1000		$	-
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid	$	-		$	-
Income taxes paid	$	-		$	-

See accompanying notes, which are an integral part of these financial statements.

PINEAPPLE EXPRESS CANNABIS COMPANY AND SUBSIDIARIES

(f/k/a Minaro Corp.) ~~NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS July 31, 2024~~

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
October 31, 2024

Note 1 – ORGANIZATION AND NATURE OF BUSINESS

Pineapple Express Cannabis Company is based in Los Angeles, California. The Company’s wholly owned operating subsidiary, Ananas Growth Ventures, serves as an incubator, helping early-stage ventures and startups in the cannabis sector through funding, mentoring, and training. The Company is also engaged in legal cannabis retail through its 50% owned equity method investee, Pineapple Consolidated Inc. (“PCI”). PCI runs Pineapple Express, a cannabis retailer and owns and manages retail cannabis ventures. PCI seeks to become a leading portfolio management company in the U.S. cannabis industry. With its headquarters in Los Angeles, Pineapple Express is rapidly increasing its footprint throughout California and is looking to scale into underdeveloped markets.

PCI has executed management contracts for 10% revenue sharing with eight entities in which it holds an equity interest through its wholly owned subsidiary, PNPL Holdings, Inc. Those entities are shown below:

● PNPLXpress X, Inc. (“Van Nuys Dispensary”): 10% as of ~~July~~October 31, 2024 (dispensary and delivery). ● Goldstar Industrees (“Northridge Dispensary”): 29% as of ~~July~~October 31, 2024 (dispensary and delivery). ● PNPLXpress, Inc. (“Hollywood Dispensary”): 10% equity interest as of ~~July~~October 31, 2024 (dispensary and delivery). ● PNPLXpress II, Inc. (“Northeast LA Dispensary”): 49% interest as of ~~July~~October 31, 2024 (dispensary and delivery). ● Pineapple Equities, Inc. (“Beverly Grove Dispensary”): 24% equity interest as of ~~July~~October 31, 2024 (dispensary and delivery). ● 5660 W. Pico & Hope (Mid-Wilshire Dispensary): 49% equity interest as of ~~July~~October 31, 2024 (dispensary and delivery). ● 19841 Ventura & Hope (Woodland Hills Dispensary): 19% equity interest as of ~~July~~October 31, 2024 (dispensary and delivery). ● 1485 W. Sunset & Hope (Echo Park Dispensary): 29% equity interest as of ~~July~~October 31, 2024 (dispensary and delivery).

Effective April 20^th, 2024, the Company executed a revenue share agreement with PCI whereas the Company will receive half of the 10% management fee at the locations listed above in exchange for a promissory note of $5,000,000, bearing one percent (1%) interest per year, and payable at the Company’s discretion with a maturity date of April 20, 2029. The note was later reduced by $2,000,000 by mutual agreement on August 9, 2024.

Note 2 – GOING CONCERN

The accompanying unaudited financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”), which contemplate continuation of the Company as a going concern. NoMinimal Cash, and accumulated deficit of $~~922~~924,~~898~~146 raises substantial doubt about the Company’s ability to continue as a going concern. Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. The Company intends to position itself so that it will be able to raise additional funds through the capital markets. There are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern.

Note 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The accompanying financial statements have been prepared in accordance with GAAP. The Company’s year-end is January 31.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

PINEAPPLE EXPRESS CANNABIS COMPANY AND SUBSIDIARIES

(f/k/a Minaro Corp.)

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

~~July~~October 31, 2024

Cash and Cash Equivalents

The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents.

Income Taxes

Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.

Equipment

Equipment is stated at cost, net of accumulated depreciation. The cost of equipment and software is depreciated using the straight-line method over one and five years and the cost of leasehold improvement is depreciated using the straight-line method over one year. Expenditures for maintenance and repairs are charged to expense as incurred. Additions, major renewals and replacements that increase the equipment’s useful life are capitalized. Equipment sold or retired, together with the related accumulated depreciation, is removed from the appropriate accounts and the resultant gain or loss is included in net income.

Basic Income (Loss) Per Share

The Company computes income (loss) per share in accordance with the Financial Accounting Standards Board’s (the “FASB”) Accounting Standards Codification (“ASC”) 260 “Earnings per Share”. Basic income (loss) per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. For the three months ended ~~July~~October 31, 2024, there were no potentially dilutive debt or equity instruments issued or outstanding.

Revenue Recognition

The Company recognizes revenue in accordance with ASC 606, “Revenue from Contracts with Customers”. ASC 606 was adopted on February 1, 2018. The core principle of ASC 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity recognizes revenue in accordance with that core principle by applying the following steps: Step 1: Identify the contract(s) with a customer Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to the performance obligations in the contract Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. Specifically, Section 606-10-50 requires an entity to provide information about: (a) revenue recognized from contracts with customers, including the disaggregation of revenue into appropriate categories; (b) contract balances, including the opening and closing balances of receivables, contract assets, and contract liabilities; (c) performance obligations, including when the entity typically satisfies its performance obligations and the transaction price that is allocated to the remaining performance obligations in a contract; and (d) significant judgments, and changes in judgments, made in applying the requirements to those contracts. For the three months ended ~~July~~October 31, 2024, the Company did not generate any revenues.

Recent Accounting Pronouncements

We have reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company.

PINEAPPLE EXPRESS CANNABIS COMPANY AND SUBSIDIARIES

(f/k/a Minaro Corp.)

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

~~JULY~~October 31, 2024

Impact of COVID-19 on the Company

The global outbreak of COVID-19 has led to severe disruptions in general economic activities, as businesses and governments have taken broad actions to mitigate this public health crisis. Although the Company has not experienced any significant disruption to its business to date, these conditions could significantly negatively impact the Company’s business in the future.

The extent to which the COVID-19 outbreak ultimately impacts the Company’s business, future revenues, results of operations and financial condition will depend on future developments, which are highly uncertain and cannot be predicted, including, but not limited to, the duration and spread of the outbreak, its severity and longevity, the actions to curtail the virus and treat its impact (including an effective vaccine), and how quickly and to what extent normal economic and operating conditions can resume. Even after the COVID-19 outbreak has subsided, the Company may be at risk of experiencing a significant impact to its business as a result of the global economic impact, including any economic downturn or recession that has occurred or may occur in the future.

As a result of the impact of COVID-19 on capital markets, the availability, amount, and type of financing available to the Company in the near future is uncertain and cannot be assured and is largely dependent upon evolving market conditions and other factors.

The Company intends to continue to monitor the situation and may adjust its current business plans as more information and guidance become available.

Note 4 – RELATED PARTY TRANSACTIONS

The Company owes $2,966,714 to its related party equity method investee, Pineapple Consolidated, Inc. (“PCI”), as of April 30, 2024. Bearing one percent (1%) interest per year, and payable at the Company’s discretion with a maturity date of April 20, 2029.

The Lenders have agreed to pay an aggregate of Five Million U.S. Dollars ($5,000,000) to PCI within five (5) years of the effective date of this Agreement in exchange for revenue generated at seven (7) retail dispensaries in Los Angeles, California. That obligation was later reduced to $3,000,000 by mutual agreement.

Note 5 – COMMITMENTS AND CONTINGENCIES

The Company currently subleases from PCI office space at 12301 Wilshire Blvd. #302, Los Angeles, CA 90025, at no charge.

From time-to-time, the Company is subject to various litigation and other claims in the normal course of business. The Company establishes liabilities in connection with legal actions that management deems to be probable and estimable. No amounts have been accrued in the financial statements with respect to any matters.

Note 6 – SUBSEQUENT EVENTS

In accordance with ASC 855, “Subsequent Events”, the Company has analyzed its operations subsequent to ~~July~~October 31, 2024, through ~~November~~January 618, ~~2024~~2025, and has determined that it does not have any material subsequent events to disclose in these unaudited financial statements.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of the financial condition and results of operations of Pineapple Express Cannabis Company (f/k/a Minaro Corp.) and its subsidiaries (together, the “Company” or “Pineapple Express Cannabis”) should be read in conjunction with our unaudited consolidated financial statements and the accompanying notes thereto included elsewhere in this Quarterly Report on Form 10-Q. References in this Management’s Discussion and Analysis of Financial Condition and Results of Operations to “us,” “we,” “our,” and similar terms refer to the Company. Our discussion includes forward-looking statements based upon current expectations that involve risks and uncertainties, such as our plans, objectives, expectations and intentions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of a number of factors, including those set forth under the Risk Factors section of our Annual Report on Form 10-K for the year ended January 31, 2023, filed with the Securities and Exchange Commission (the “SEC”) on May 24, 2023, as the same may be updated from time to time. We use words such as “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “believe,” “intend,” “may,” “will,” “should,” “could,” and similar expressions to identify forward-looking statements.

Overview

We are based in Los Angeles, California. Our wholly owned operating subsidiary, Ananas Growth Ventures, serves as an incubator, helping early-stage ventures and startups in the cannabis sector through funding, mentoring, and training. We are also engaged in legal cannabis retail through our 50% owned equity method investee, Pineapple Consolidated Inc. (“PCI”). PCI runs Pineapple Express, a cannabis retailer, and owns and manages retail cannabis ventures. PCI seeks to become a leading portfolio management company in the U.S. cannabis industry. With its headquarters in Los Angeles, Pineapple Express is rapidly increasing its footprint throughout California and is looking to scale into underdeveloped markets.

● PNPLXpress X, Inc. (“Van Nuys Dispensary”): 10% as of ~~July~~October 31, 2024 (dispensary and delivery). ● Goldstar Industrees (“Northridge Dispensary”): 29% as of ~~July~~October 31, 2024 (dispensary and delivery). ● PNPLXpress, Inc. (“Hollywood Dispensary”): 10% equity interest as of ~~July~~October 31, 2024 (dispensary and delivery). ● PNPLXpress II, Inc (“Northeast LA Dispensary”): 49% interest as of ~~July~~October 31, 2024 (dispensary and delivery). ● Pineapple Equities, Inc (“Beverly Grove Dispensary”): 24% equity interest as of ~~July~~October 31, 2024 (dispensary and delivery). ● 5660 W. Pico & Hope (Mid-Wilshire Dispensary): 49% equity interest as of ~~July~~October 31, 2024 (dispensary and delivery). ● 1485 W. Sunset & Hope (Echo Park Dispensary): 29% equity interest as of ~~July~~October 31, 2024 (dispensary and delivery). ● Pineapple Venice, Inc. (Venice Dispensary): 49% equity interest as of ~~July~~October 31, 2024 (dispensary and delivery).

Recent Developments

On December 18, 2022, we entered into a Share Exchange Agreement (the “Exchange Agreement”) with Yulia Lazaridou, our then-majority stockholder, PCI, and the PCI stockholders (collectively, the “PCI Stockholders”). Pursuant to the terms of the Exchange Agreement, the PCI Stockholders exchanged an aggregate of 50,000 shares of PCI common stock, representing 50% of the outstanding PCI common stock, for 18,000,000 shares of our common stock.

In addition, on December 18, 2022, in a transaction related to and a condition to the Exchange, Ms. Lazaridou and the Company entered into that certain Resignation, Separation and Release Agreement (the “Resignation Agreement”), pursuant to which (i) we redeemed 2,800,000 shares of Company common stock owned by Ms. Lazaridou (the “Lazaridou Shares”) in exchange for a payment by us of $540,904; and (b) Ms. Lazaridou resigned as our sole director and officer, effective as of December 21, 2022.

In order to fund the payment for the Lazaridou Shares, contemporaneous with the Exchange, on December 18, 2022, PCI loaned $540,904 to us. The loan (the “PCI Loan”) matures on June 30, 2023 and earns interest at an annual rate of 1%.

In addition, on December 18, 2022, Ms. Lazaridou, as sole director and majority stockholder, (i) elected Matthew Feinstein as sole director of the Company; (ii) appointed Mr. Feinstein as Chief Executive Officer, President, Chairman of the Board and Interim Chief Financial Officer of the Company; (iii) accepted Ms. Lazaridou’s resignation; (iv) approved the Exchange Agreement; and (v) approved the Resignation Agreement.

As a result of the above-described transactions, the Company is 50% owned by the PCI Stockholders and PCI is 50% owned by the Company.

On December 30, 2022, we notified Financial Industry Regulatory Authority (“FINRA”) of our intent to change our corporate name from “Minaro Corp.” to “Pineapple Express Cannabis Company” and to change our trading symbol. These corporate actions are subject to FINRA review and clearance.

On January 5, 2023, the Company filed Restated Articles of Incorporation with the State of Nevada following approval of the sole director and majority shareholder (“Restated Articles”). The Restated Articles (i) changed the name of the Company to Pineapple Express Cannabis Company, (ii) added an additional authorized class of capital stock, namely ten million (10,000,000) shares of Preferred Stock, in addition to the previously authorized seventy-five million (75,000,000) shares of Common Stock. As a result, the name of the Company now has been changed to Pineapple Express Cannabis Company.

On December 30, 2022 the Company applied to the Financial Industry Regulatory Authority (“FINRA”) for approval with respect to the change of the Company’s name in the Restated Articles. The Company separately applied to FINRA to change the Company’s stock ticker trading symbol. These two corporate actions were subject to FINRA review and clearance which was received during the prior reporting period.

Results of Operations

Three Months Ended ~~July~~October 31, 2024 Compared to Three Months Ended ~~July~~October 31, ~~2024~~2023

Revenues

For the three months ended ~~July~~October 31, 2024 and 2023, the Company generated revenues of $94,~~872~~332 and $0, respectively. The increase was primarily due to the Company’s management fee revenue during the quarter.

Cost of Goods Sold

For the three months ended ~~July~~October 31, 2024 and 2023, the cost of goods sold was $0 and $0, respectively.

Total Operating Expenses

Total operating expenses for the three months ended ~~July~~October 31, 2024 and 2023 were $5,~~852~~580 and $19,247, respectively. The increase was primarily due to an increase in legal fees and audit fees, partly due to the sale of the Company and the acquisition of PCI by the Company. Operating expenses for the three months ended ~~July~~October 31, 2024 consisted of bank charges; depreciation expense and professional fees. Operating ~~expenses~~ expenses for the three months ended ~~July~~October 31, 2023 consisted of bank charges; depreciation expense; legal fees; audit fees; consulting fees; and professional fees.

Net Income (Loss)

Net income (loss) for the three months ended ~~April~~October 3031, 2024 and 2023 was ($31,~~616~~248) and ($~~179~~2,~~708~~115) respectively. The increase in net income in 2023 was primarily due to recognition of gain from the PCI subsidiary using the equity-investment method, subsequently this amount was written off at year-end January 31, 2024 as it was deemed to be potentially uncollectible.

Liquidity and Capital Resources

As of ~~July~~October 31, 2024, the Company had cash of $01043 and an accumulated deficit of 919,554. To date, we have financed our operations primarily through the issuance of debt and equity sourced capital.

The following table sets forth a summary of our cash flows for the three months ended ~~July~~October 31, 2024 and 2023:

	Three Months Ended July 31,
	Three Months Ended October 31,
	2024			2023
Net cash used in operating activities	$	~~(11,744~~-	)	$	(11,697	)
Net cash provided by investing activities					-
Net cash provided by financing activities		~~11,714~~-			11,697
Net decrease in cash		~~(30~~-	)
Cash, beginning of period		30
Cash, end of period	$	-1043		$

Since inception, we have financed our cash flow requirements primarily through issuance of common stock and debt financing. As we expand our activities, we may continue to experience net negative cash flows from operations. We anticipate obtaining additional financing to fund operations through additional common stock offerings, to the extent available, or to obtain additional financing to the extent necessary to augment our working capital. There can be no assurance that we will be able to obtain financing on commercially acceptable terms, if at all.

We anticipate that we will incur operating losses in the next 12 months. Our lack of operating history makes predictions of future operating results difficult to ascertain. Our prospects must be considered in light of the risks, expenses and difficulties frequently encountered by companies in their early stage of development, particularly companies in new and rapidly evolving markets. There can be no assurance that we will be successful in addressing such risks, and the failure to do so can have a material adverse effect.

Critical Accounting Policies and Estimates

Our management’s discussion and analysis of our financial condition and results of operations is based on our unaudited consolidated financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The preparation of our unaudited consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reported period. In accordance with GAAP, we base our estimates on historical experience and on various other assumptions that we believe are reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

A smaller reporting company is not required to provide the information required by this Item.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in company reports filed or submitted under the Exchange Act is accumulated and communicated to management, including our Chief Executive Officer and Principal Financial Officer, to allow timely decisions regarding required disclosure.

As required by Rules 13a-15 and 15d-15 under the Exchange Act, our Chief Executive Officer and Principal Financial Officer carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of April 30, 2023. Based upon his evaluation, our Chief Executive Officer and Principal Financial Officer concluded that, as of April 30, 2023, our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) were not effective.

We do not expect that our disclosure controls and procedures will prevent all errors and all instances of fraud. Disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. Further, the design of disclosure controls and procedures must reflect the fact that there are resource constraints, and the benefits must be considered relative to their costs. Because of the inherent limitations in all disclosure controls and procedures, no evaluation of disclosure controls and procedures can provide absolute assurance that we have detected all our control deficiencies and instances of fraud, if any. The design of disclosure controls and procedures also is based partly on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

Changes in Internal Control over Financial Reporting

During the three months ended April 30, 2024, there has been no change in our internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II—OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

From time to time, we are involved in ordinary routine litigation typical for companies engaged in our line of business. As of the date of this Quarterly Report on Form 10-Q, there are no pending legal proceedings to which the Company is a party or in which any director, officer or affiliate of the Company, any owner of record or beneficially of more than 5% of any class of voting securities of the Company, or security holder is a party adverse to the Company or has a material interest adverse to the Company that we believe would be likely, individually or in the aggregate, to have a material adverse effect on our financial condition or results of operations.

ITEM 1A. RISK FACTORS

Smaller reporting companies are not required to provide disclosure pursuant to this Item.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

During the three months ended July 31, 2024, the Company issued unregistered equity securities as follows:

None.

The above securities issuances (if any) were exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), in reliance on the exemptions provided by Regulation D and Section 4(a)(2), as applicable under the Securities Act.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

(a) None.

(b) There have been no material changes to the procedures by which security holders may recommend nominees to our Board of Directors since we last provided disclosure in response to the requirements of Item 407(c)(3) of Regulation S-K promulgated under the Exchange Act.

ITEM 6. EXHIBITS

Exhibit No.		Description

31.1*		Certification of Chief Executive Officer pursuant to Exchange Act Rule 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*		Certification of Principal Financial Officer pursuant to Exchange Act Rule 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1**		Certification by the Chief Executive Officer and principal financial officer pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*		Inline XBRL Instance Document.
101.SCH*		Inline XBRL Taxonomy Extension Schema.
101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase.
101.LAB*		Inline XBRL Taxonomy Extension Label Linkbase.
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase.
101.DEF*		Inline XBRL Taxonomy Extension Definition Document.
104*		Cover Page Interactive Data File (embedded within the Inline XBRL document).

*	Filed herewith.
**	Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	~~PINEAPPLE EXPRESS CANNABIS COMPANY~~	PINEAPPLE EXPRESS CANNABIS COMPANY
Date: November 12, 2024	By:	/s/ Matthew Feinstein
Date:	January 21, 2025	By:	/s/ Matthew Feinstein
	~~Name:~~	~~Matthew Feinstein~~Name:	Matthew Feinstein
	~~Title:~~	~~Chief Executive Officer, President and Interim Chief Financial Officer (principal executive officer, principal financial officer and principal accounting officer)~~Title:	Chief Executive Officer, President and Interim Chief Financial Officer (principal executive officer, principal financial officer and principal accounting officer)

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