Grapefruit USA (OTCQB: GPFT), a premiere, fully licensed California-based cannabis company, today released a further update on its recent announcement that it has been approached by a Canadian cannabis company (the “Canadian Partner”) to enter into discussions concerning a potential acquisition transaction and joint venture to manufacture, distribute and market Grapefruit’s products, specifically Grapefruit’s patented Hourglass(TM) THC/Cannabinoid time-release delivery cream throughout Canada. “We were recently informed by the Canadian Partner that it has duly noticed a shareholder’s meeting for early April 2021, at which it will, among other matters, consider and potentially seek approval of the potential joint venture and/or acquisition and intends immediately thereafter to seek finalization of the terms of the joint venture and further detailed discussions on a related acquisition,” said Grapefruit CEO Bradley J. Yourist. “Grapefruit is pleased that the Canadian Partner has chosen this course of action as it provided us with objective evidence of their bona fides. As we stated before, the joint venture may precede without precluding an acquisition as we continue to take steps to ascertain and evaluate the capital requirements and various legal, regulatory and logistical challenges of finalizing a joint venture and/or the related acquisition. Once again, that being said, we wish to emphasize that the discussions reported here, although largely positive, remain preliminary in nature and may be terminated at any time. Grapefruit will update the public as necessary on any material joint venture or acquisition developments as events proceed.”
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About Grapefruit USA Inc.
Grapefruit’s corporate headquarters is in Westwood, Los Angeles, California. Grapefruit holds California permits and licenses to both manufacture and distribute cannabis products in the Golden State. Grapefruit’s extraction laboratory and manufacturing and distribution facilities are located in the industry-recognized Coachillin’ Industrial Cultivation and Ancillary Canna-Business Park in Desert Hot Springs, located on the extension of North Canyon Road, approximately 14 miles north of downtown Palm Springs. For more information about the company, visit www.GrapefruitBlvd.com.
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