LOS ANGELES and DESERT HOT SPRINGS, Calif., Feb. 18, 2021 (GLOBE NEWSWIRE) — via InvestorWire –Grapefruit USA, Inc. (OTCQB: GPFT) (“Grapefruit” or the “Company”), a premiere, fully licensed California-based cannabis company, is updating its recent announcement that it has been approached by a Canadian cannabis company to enter into discussions concerning a potential acquisition transaction. The discussions have 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™ THC/Cannabinoid time-release delivery cream throughout Canada.
Bradley J. Yourist, Grapefruit CEO, commented, “As previously announced, Grapefruit is not surprised that we have been approached concerning a potential acquisition, in light of the Company’s recent disclosure concerning its 714% year-over-year revenue increase; the public reaction to the Company’s patented, disruptive Hourglass™ THC/Cannabinoid delivery cream; and recent announcements by U.S. Senate Majority Leader Chuck Schumer concerning prioritization of the federal legalization of cannabis by de-scheduling THC. Grapefruit has always been fundamentally driven by compliance, so management decided it was incumbent upon the Company to make this announcement to prevent possible selective leaks of this material and heretofore nonpublic information and/or to prevent insider trading. As part of the parties’ deliberations, we have considered creation of a joint venture, which we believe may be put into place more easily and promptly than a full transnational reorganization transaction that could require regulatory oversight and associated complications. A joint venture may precede a reorganization transaction. Such an approach might facilitate the rapid introduction of Hourglass™ and other Grapefruit products into the Canadian market. Once again, that being said, we wish to emphasize that the discussions reported here are preliminary in nature and may be terminated at any time. Grapefruit will update the public as necessary on these discussions 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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