InvestorWire NewsRoom

InvestorNewsBreak

InvestorNewsBreaks – Grapefruit USA Inc. (GPFT) Releases Q1 2021 Financial Numbers, Chooses SRAX Inc. (NASDAQ: SRAX) as Communications Partner
May 26, 2021

InvestorNewsBreaks – Grapefruit USA Inc. (GPFT) Releases Q1 2021 Financial Numbers, Chooses SRAX Inc. (NASDAQ: SRAX) as Communications Partner

Grapefruit USA (OTCQB: GPFT), a California-based cannabis company, has partnered with SRAX Inc. (NASDAQ: SRAX), an investor relations and communications marketing firm, to strengthen its brand and product line as well as increase awareness of its new e-commerce site and related affiliate program. In the announcement Grapefruit cited SRAX’s novel data-driven approaches to marketing and the company ability to create awareness of stock as key factors in its decision. In addition, the company has filed its quarterly report for the period ended March 31, 2021. The report included disappointing numbers for the company, including net revenues of $350,815, a decrease of 10% over revenues of $393,559 for the three months ended March 31, 2020. In the announcement, the company pointed to a strong cannabis harvest in fourth-quarter 2020 and early 2021 cannabis as a contributing factor behind the reduction in revenues, noting that the harvest drove down wholesale cannabis prices and limited the profitability of GPFT’s distribution and trading operations. As a result, Grapefruit limited distribution and trading efforts, focusing more on improving upon and launching its Hourglass products. The company anticipates those efforts will result in significantly higher Hourglass-related revenues through the remaining quarters of 2021 and into 2022. GPFT also expects is newly launched ecommerce site and affiliate program to fuel the company’s revenues moving forward. “We are obviously dissatisfied with the small revenue decrease year over year for the first quarter,” said Grapefruit CEO Bradley J. Yourist in the press release. “However, we adjusted by decreasing our less-profitable distribution and trading activities, which we can switch on at a moment’s notice when the seasonal aspect of the wholesale cannabis business adjusts, and profitable distribution and trading opportunities present themselves during the remainder of the year as they inevitably do. Furthermore, as our wholesale and retail Hourglass THC/cannabinoid and THC-free hemp derived CBD products sales take off in the remainder of 2021 and beyond, the increased revenues they generate will mitigate the overall revenue impact of the seasonality of the distribution and trading operations. Getting to that point as quickly as possible is one of our primary goals, and as we always do, we will attain it in the near future.”

To view the full press releases, visit https://ibn.fm/gd6dQ and https://ibn.fm/21NrX

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

About InvestorWire

InvestorWire is the wire service that gives you more. From regional releases to global announcements presented in multiple languages, we offer the wire-grade dissemination products you’ll need to ensure that your next press release grabs the attention of your target audience and doesn’t let go. While our competitors look to nickel and dime you with hidden fees and restrictive word limits, InvestorWire keeps things transparent. We offer UNLIMITED Words on all domestic releases. While other wire services may provide a basic review of your release, InvestorWire helps you put your best foot forward with complimentary Press Release Enhancement.

With our competitors, the work is done the second your release crosses the wire. Not with InvestorWire. We include follow-up coverage of every release by leveraging the ever-expanding audiences of the 50+ brands that make up the InvestorBrandNetwork.

Get more out of your next press release with InvestorWire. It’s unlike anything you’ve seen before.

For more information, please visit https://www.InvestorWire.com

Please see full terms of use and disclaimers on the InvestorBrandNetwork website applicable to all content provided by IBN, wherever published or re-published: http://ibn.fm/Disclaimer

InvestorWire (IW)
8033 Sunset Blvd Suite 1037-IW
Los Angeles, CA 90046
310.299.1717 Office
www.InvestorWire.com
[email protected]

InvestorWire is part of the InvestorBrandNetwork.

Recent NewsBreaks

NewsBreaks Categories

Get Started with InvestorWire

To distribute a release in the next 24 hours. Contact our client services team.

(310) 299-1717

Distribute a press release. Submit your release to get started.

Submit Press Release

Set up a Live demonstration. Schedule a date and time that works for you.

Schedule a LIVE Demo

Press Distribution

Explore Press Distribution Solutions

All releases include an unlimited word count* with full wire-grade syndication, our press release enhancement service, and a follow-up InvestorNewsBreak article distributed to thousands of editorial syndication partners.

Discover Add-on Solutions

Increase the impact of your achievements by adding these exclusive solutions from InvestorWire, delivered in conjunction with the InvestorBrandNetwork (IBN).