John SchroyerGeorgia-based Pineapple Express Cannabis Co. (OTC PINK: PNXP) is set to acquire tech business Groovy Company Inc. (USOTC:SANP) through a stock trade deal, under which Pineapple will get 350 million shares of Groovy, and Groovy will get 5 million shares of Pineapple.
The deal will give Pineapple Express a “controlling interest” in Groovy, according to a press release, and will give the company a new technological edge in combatting cannabis product counterfeiting.
Groovy’s tech platform relies on “Hyperledger Fabric blockchain technology and NFT standards,” according to the release, which Pineapple intends to use for QR codes on cannabis products sold at retail to prove their legal status and origin.
The Groovy platform will be able to provide customers who check QR codes with instant information about Pineapple Express’ cannabis products, including “detailed strain information,” “lab test verification,” and more, according to the release.
“By combining GROOVY’s cutting-edge blockchain authentication technology with Pineapple Express’s industry presence, we’re positioned to revolutionize how consumers verify the authenticity and origin of cannabis products,” Frank Yglesias, CEO of both Pineapple and Groovy, said in the release.
The deal is expected to close within a few more weeks.
