LOS ANGELES and DESERT HOT SPRINGS, Calif., Jan. 18, 2022 (GLOBE NEWSWIRE) — via InvestorWire — Grapefruit USA, Inc. (OTCQB: GPFT) (“Grapefruit” or the “Company”), an innovative California-based cannabiotech company, is looking forward to the new year and execution of existing plans and new initiatives as the Company evolves in response to constant, rapid changes in the cannabis sector on its path to becoming a leading multinational cannabiotech.
- The Company expects to file for approval of its Notice of New Cannabis Product (“NNCP”) with Health Canada later this week. Approval of the NNCP is a mandatory prerequisite to the launch of sales of Grapefruit’s patented Hourglass time-release, technology-powered THC+CBD-infused topical delivery cream in licensed retail outlets throughout Canada.
- Upon Health Canada approval, expected by the end of Q1 2022, Grapefruit will launch sales of the Hourglass technology-based THC and CBD in Canada through its licensed distribution partner Medz Cannabis, Inc. and its manufacturing partner 6Pak.
- The Company is proceeding with plans to develop its 2-acre parcel located within the Coachillin’ Canna-Business Park, just north of Palm Springs, California. The Company received its development permit for the Coachillin’ project in the third quarter of 2021. The Company plans to develop the parcel in two phases. The approved “Phase One” development permit calls for the construction of a 30,000-square-foot multipurpose “Mothership” facility, which will house a state-of-the-art indoor cannabis grow, an onsite distribution center and a state-of-the-art laboratory. The lab will facilitate production of Hourglass™ THC/CBD delivery cream as well as extracts and honey oil from the trim produced by the indoor grow.
- The Company has received three offers to finance construction of Phase One. The offers come from foreign and domestic financers, including US Capital Global Partners, located in San Francisco; a Newport Beach-based finance group whose agent has financed three of the cannabis facilities currently in operation at the Coachillin’ site; and the Al Habtoor Group, located in Dubai, United Arab Emirates. All three offers are currently under consideration by Grapefruit.
- The Company is proceeding with plans for a clinical study to measure the effects of the Hourglass™ THC/CBD-infused delivery cream on the pain and other symptoms of patients who suffer from the debilitating effects of rheumatoid arthritis. The study is being designed by a Harvard-educated physician with expertise in cannabis and the main component compounds of cannabis, THC and CBD. The Company continually receives positive comments from users about the cream’s holistic benefits. The study will seek to clinically confirm the overwhelmingly positive anecdotally reported efficacy of Grapefruit’s disruptive Hourglass topical delivery cream.
- Grapefruit continues to conduct discussions with its potential Canadian partner concerning the possibility of a joint venture and/or acquisition transaction. Those discussions were stalled in the Summer of 2021 when trading in the shares of the Company’s Canadian counterpart were halted by the Investment Industry Regulatory Organization of Canada. The trading halt on the Canadian counterpart’s reorganized common shares has since been lifted, and discussions have resumed. Grapefruit will reach an agreement with the Canadian counterpart in the first or early second quarter of 2022 or will terminate the discussions.
Bradley J. Yourist, Grapefruit’s CEO and co-founder, commented, “2021 was a very complicated year for Grapefruit as we struggled with the difficulties engendered by the simultaneous glut of cannabis flowers, reduction of demand and logistical disruptions caused by the worldwide pandemic. Nevertheless, the Company exhibited its fundamental value and resilience by emphasizing further development of our disruptive Hourglass technology and line of Hourglass-based products. Recently, we have been very busy organizing our strategic corporate plans and initiatives for the new year and beyond. We have put in place foundational initiatives that will transform Grapefruit into a multinational cannabiotech company. While we recognize that our share price has softened over the last few months, we made a conscious decision to not issue any press releases until we felt the time was right. However, now our new initiatives have been formulated and have commenced, our corporate plans are in place, and we will be updating our shareholders with respect to the above articulated points on an ongoing consistent basis so they can share in the excitement and growth of Grapefruit throughout 2022.”
“The bottom line is that Hourglass is the only cannabis product in the world that performs at such a high level without exposing its users to the health risks of smoking or orally ingesting cannabis products, as it is the topical that really works. Finally, no one besides Grapefruit or its authorized agents can manufacture, distribute or sell at retail Hourglass-based products,” Yourist added.
To purchase Grapefruit’s groundbreaking CBD delivery relief cream outside of Canada, please visit: https://hourglassonlinestore.com/
To learn more about Grapefruit’s new sustained-release Hourglass™ THC + Cannabinoid Topical Delivery Cream, please watch this promotional video: https://www.youtube.com/watch?v=6cU9MJMgH1w&feature=youtu.be
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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, 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. Readers 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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