The cannabis industry is attracting investors from all walks of life. Including porn.
Larry Flynt, the famed publisher of Hustler Magazine, has thrown down $100,000 for 100,000 shares of stock in Pineapple Express, a publicly traded company in Los Angeles that provides consulting, property rentals and technology investments to marijuana businesses.
Pineapple Express hired Flynt’s daughter Theresa Flynt in December to become its vice president of business development.
Shares of Pineapple Express, which trade on the OTC Pink exchange under the symbol PNPL, closed Thursday at $10.49 and were down almost 4% to $10.39 through Friday afternoon. But that’s still a huge increase from Jan. 4, when PNPL shares were $1.57. That equates to a more than 568% bump in the stock’s value.
Pineapple Express says it wants to start a national chain of cannabis retail stores once cannabis is longer federally prohibited, but in the meantime will stick to non-plant touching areas of the industry, such as consulting.