Grapefruit USA (OTCQB: GPFT), a premiere, fully licensed California-based cannabis company, today issued an update to its March 1, 2021, announcement that it had been approached by a Canadian cannabis company to enter into discussions concerning a potential acquisition transaction. The discussions evolved to include development of a memorandum of understanding (“MOU”) setting 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. A March 8 announcement indicated that the Canadian partner noticed a special shareholder’s meeting to consider the proposed joint venture and other corporate matters. The meeting was delayed and held on April 29, at which time the Canadian partner’s shareholders elected five directors, approved appointment of a new CEO and CFO, and also approved the acquisition of a Canadian based hemp cultivator. Since the aforementioned corporate actions triggered a change in control of the Canadian partner, they require acceptance for filing by the Canadian Stock Exchange (the “CSE”), which is pending. While discussions have continued, execution of a formal joint venture agreement and further acquisition discussions were postponed pending acceptance of the filing by the CSE, which the Canadian partner expects in the very near future. “We expect to bring the process forward to the point of making a decision in the next 30-60 days,” said Bradley J. Yourist, Grapefruit CEO. “Once again, that being said, we wish to emphasize that the discussions reported here, although substantive and 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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