Discussions Include Possible Joint Venture to Distribute Hourglass Products in Canada
LOS ANGELES and DESERT HOT SPRINGS, Calif., March 08, 2021 (GLOBE NEWSWIRE) — via InvestorWire – Grapefruit USA, Inc. (OTCQB: GPFT) (“Grapefruit” or the “Company”), a premiere, fully licensed California-based cannabis company, is further updating 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 disruptive Hourglass™ THC/Cannabinoid time-release delivery cream throughout Canada.
Grapefruit’s management was recently informed by the Canadian Partner that it has duly noticed and set a shareholder’s meeting for early April 2021 and immediately thereafter will enter into negotiations to finalize the terms of the joint venture, under the terms of which the Canadian Partner could have certain exclusive rights to manufacture and sell Grapefruit’s Hourglass products on both First Nation’s Lands and throughout Canada. Negotiations will also include the potential acquisition transaction between the Canadian Partner and Grapefruit.
Bradley J. Yourist, Grapefruit CEO, commented, “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. 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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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. To obtain further information on Grapefruit and its operations, please visit the Company’s website at https://grapefruitblvd.com/.
Safe Harbor Statement
Grapefruit cautions that any statement included in this press release that is not a description of historical facts is a forward-looking statement. Many of these forward-looking statements contain the words “anticipate,” “believe,” “estimate,” “may” “intend,” “expect” and similar expressions. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties inherent in Grapefruit’s business, including, without limitation: the Company may not ever obtain additional funds necessary to support its business development and growth plans; and the Company may not ever achieve the market success to reach or sustain a profitable business. In addition, there are risks and uncertainties related to economic recession or terrorist actions, competition from much larger cannabis companies, unexpected costs and delays, potential product liability claims, and many other factors. More detailed information about Grapefruit and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K, its Quarterly Report on Form 10-Q for the period ended Sept. 30, 2020, and its Registration Statement on Form S-1/A. Such documents may be read free of charge on the SEC’s website at www.sec.gov. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, and Grapefruit undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. This caution is made under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995.
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