Grapefruit USA (OTCQB: GPFT), a premiere, fully licensed California-based cannabis company, has reported its financial numbers for fiscal year 2020. A highlight of the report is the company’s 714% year-over-year revenue growth. GPFT reported net revenues of $3,672,353 for the year ended Dec. 31, 2020, an increase of $3,221,157 over revenues of $451,196 for the year ended Dec. 31, 2019, an impressive increase considering the global pandemic. The company also announced that it has focused on renegotiating key terms of approximately $4.2 million convertible notes issued to its institutional investor. As a result of these modifications, the company has eliminated an approximately $40 million non-cash loss from its results of operations. “We are also heartened to report that over the last several weeks we have been engaged in an exercise in holding the line for our company and its loyal shareholder base with respect to renegotiating the notes with our institutional investor,” said Grapefruit CEO Brad Yourist. “We think we have achieved a very positive result and look forward to continuing to grow our distribution business and to fully usher in the age of Hourglass(TM), our remarkable cannabinoid hemp based-CBD & THC topical time release delivery system. We look forward to more success in 2021, which is already off to a superb start and will shift into high gear in the next few days with Grapefruit’s live launch of its retail hemp-derived CBD products website featuring our disruptive hemp CBD based Hourglass products.”
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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, California. To find out more about the company, please visit www.GrapefruitBlvd.com.
NOTE TO INVESTORS: The latest news and updates relating to GPFT are available in the company’s newsroom at https://ibn.fm/GPFT
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