LOS ANGELES and DESERT HOT SPRINGS, Calif., June 01, 2021 (GLOBE NEWSWIRE) — via InvestorWire – Grapefruit USA, Inc. (OTCQB: GPFT) (“Grapefruit” or the “Company”), a premiere, fully licensed California-based cannabis and hemp Company, is updating the public with respect to previously issued press releases concerning the Company’s progress in certain key areas of its business:
- Grapefruit’s disruptive, patented Hourglass topical delivery cream, powered by the ZPOD micro-technology, has been successfully infused with Grapefruit’s THC-free, hemp derived CBD oil. As a result, Grapefruit now manufactures and markets the world’s first and only maximally bioavailable, time release delivered THC-free, hemp derived CBD topical product. Because THC-free CBD products are legal in most of the 50 U.S. states and around the world, the Company quickly developed its own e-commerce direct to consumer site, https://hourglassonlinestore.com, which began marketing the THC-free, hemp derived Hourglass CBD products in April 2021. Shortly thereafter, the Company announced its Hourglass Affiliate program at https://hourglassonlinestore.com/affiliates/ to compliment the Hourglass e-commerce site and allow existing CBD product marketers, who qualify under Grapefruit’s stringent compliance and ethics standards, to sell the Company’s THC-free, hemp-derived Hourglass CBD products. The launch of the CBD product e-commerce site and Affiliate Program has no effect on the Company’s ongoing efforts to market THC/cannabinoid-based Hourglass powered products in those jurisdictions where it is legal, such as California, through duly licensed resellers such as Apothecary420, Crown Genetics and duly licensed dispensaries. Management believes the launch of the Hourglass e-commerce site and Affiliate Program will result in a significant increase in non-distribution/trading revenues and thereby minimize the effects of the seasonality of cannabis flower distribution and trading operations.
- Grapefruit will be featured in a 12-part series featuring its Hourglass product lines, set to air in FMW Media Corp’s “New to the Street” series with host Jane King, to be broadcast on Newsmax, Fox Business and other related television stations. “New To The Street,” and FMW’s blockchain show, “Exploring The Block,” are two of the longest running sponsored programming TV brands broadcast internationally and throughout the U.S. Since 2009, these brands have run sponsored media formatted shows across three major U.S. television networks. These TV platforms have the potential to reach over 540 million homes in the U.S. and international markets. FMW recently added Newsmax to its broadcasting platform, debuting its first show on Sunday, Dec. 27, 2020. The Newsmax “New to The Street” show is syndicated to air on Sundays at 10 a.m. EDT.
- On March 1, 2021, the Company announced it had been approached by a Canadian cannabis company to enter into discussions concerning a potential acquisition transaction. Further that 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™ THC/cannabinoid time-release delivery cream throughout Canada, and that in February 2021 the Company signed a Memorandum of Understanding (the “MOU”) with the Canadian partner which set forth the general terms of their agreement to form a new joint venture corporation to manufacture and distribute Grapefruit’s patented, disruptive Hourglass THC/ cannabinoid products throughout the Commonwealth of Canada including on Indian Reservations and Canadian First Nation Lands. Any joint venture that derives from this MOU will follow the same business model articulated above, that is to rapidly expand joint revenues by the simultaneous marketing of THC-based Hourglass and hemp-derived CBD products wherever either are legal in Canada.
Bradley J. Yourist, Grapefruit CEO, commented, “Over the last several months, our Hourglass product team has received extremely positive product feedback and internal reviews from our product testers and retail customers after their regular use of both our hemp-based CBD Hourglass and THC-based Hourglass topicals, which is extremely gratifying for the Company and at base shows that the technology works. In an effort to keep our shareholders and the public at large fully informed of Company developments, we intend to update previous releases when we determine from shareholder and general public feedback that such clarification is necessary and appropriate. In some cases, such updates may be combined with timely announcements of new developments. We remain committed to providing our shareholders and the public with material information concerning the Company as soon as possible.”
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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 March 31, 2021, 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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