Grapefruit USA (OTCQB: GPFT), a premiere, fully licensed California-based cannabis company, today provided further updates to its March and May 2021 announcements regarding discussions with a Canadian cannabis company surrounding development of a memorandum of understanding (“MOU”). The MOU sets forth terms under which the parties could enter into a joint venture to jointly manufacture, distribute and market Grapefruit’s products, including, but not limited to, Grapefruit’s patented disruptive Hourglass(TM) THC/cannabinoid time-release delivery cream throughout Canada. “Execution of the MOU moved the entire process forward, as we now more clearly understand each other’s overall goals and priorities as well as the capital requirements and legal, regulatory and logistical challenges of finalizing a joint venture and/or an acquisition,” said Grapefruit CEO Bradley J. Yourist. “We now expect to bring the process forward to the point of making a decision in the next 30-60 days. Once again, that being said, we wish to emphasize that the discussions reported here, although substantive and largely positive, remain in the MOU and pre-definitive agreement stage as a result of the delay from April 2021 to the present and may be subject to termination at any time. Grapefruit will continue to 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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