World-Class Extractions Inc. (OTCMKTS:WCEXF) (CSE:PUMP) Stock Continues to Trade in a Narrow range
Shares of World-Class Extractions Inc. (OTCMKTS:WCEXF) (CSE:PUMP) have been moving within a narrow range over the past few sessions.
Market Stats
On Tuesday, WCEXF stock ended flat at $0.0100 with more than 819K shares, compared to its average volume of 102K shares. The stock has moved within a range of $0.0080 – 0.0109 after opening trading at $0.0099.
World Class Sells Interest in Pineapple Express Delivery to Fire & Flower
World-Class Extractions Inc. (OTCMKTS:WCEXF) (CSE:PUMP) has officially closed the sale of its interest in Pineapple Express Delivery Inc. to Fire & Flower Holdings Corp., as per the transaction as previously announced on December 9, 2021.
Fire & Flower is a leading, technology-powered, adult-use cannabis retailer with more than 100 corporate-owned stores in its network. Pineapple Express Delivery is a pioneer in logistics technology that ensures compliant and secure delivery of controlled substances and regulated products – it is the biggest player in the cannabis delivery space.
Fire & Flower has assumed and repaid approximately $5.15 million in debt owed by Pineapple Express Delivery. It has also issued a total of 1,153,142 common shares of Fire & Flower, of which a total of 313,708 were released on closing, with the remainder placed into escrow, pending completion of customary working capital adjustments and subject to achievement of certain performance-based milestones in the fiscal 2022 year.
Haywood Securities Inc. has served as exclusive financial advisor to Pineapple Express Delivery. Rosy Mondin, CEO of World-Class, is hopeful that the synergies between Fire & Flower and Pineapple Express Delivery will be excellent for growth in the cannabis retail, analytics, logistics and delivery space. World-Class received $2,012,740 in cash on closing, and an aggregate of up to 278,945 Fire & Flower Common Shares, in regards to with Fire & Flower’s acquisition of Pineapple Express Delivery.
Key Quote
“The synergies between Fire & Flower and Pineapple Express Delivery should propel these two companies for tremendous future growth in the cannabis retail, analytics, logistics and delivery space.” stated Rosy Mondin, CEO of World-Class. “World-Class has successfully divested one of its investments and in return has strengthened its balance sheet. We will continue to pursue additional opportunities in the market to deliver value to our shareholders.”
Traders Corner
WCEXF stock is trading above the 20-Day and 50-Day Moving averages of $0.0086 and $0.0089 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.0098.
