LOS ANGELES and DESERT HOT SPRINGS, Calif., March 03, 2022 (GLOBE NEWSWIRE) — via InvestorWire — Grapefruit USA, Inc. (OTCQB: GPFT) (“Grapefruit” or the “Company”), an innovative California-based cannabiotech company, is providing an update on progress with the Company’s previously announced Notice of New Cannabis Product (“NNCP”) filed with Health Canada for its patented Hourglass™ Time Release THC+CBD infused Topical Delivery Cream. Approval of the NNCP by Health Canada will enable Grapefruit to sell its patented Hourglass™ Time Release THC+CBD infused Topical Delivery Cream to licensed retail outlets throughout Canada.
Health Canada is the department of the federal government of Canada responsible for national health policy. It approves and oversees the production of all cannabis products and is the licensing authority for all companies involved in the cannabis industry. Health Canada requires all cannabis products meet federal regulatory requirements before they can be sold in Canada. Under Canada’s Federal Cannabis Regulatory scheme, Health Canada must be notified of a company’s intent to sell a cannabis product that has not previously been sold in the country. Approval of the NNCP is a mandatory prerequisite to the launch of Grapefruit’s Hourglass technology-based products in Canada. On Feb. 18, 2022, Grapefruit received an inquiry from Health Canada about the composition of specific Hourglass ingredients. Grapefruit’s timely response to the inquiry was promptly accepted by Health Canada.
Grapefruit believes its Hourglass™ THC/CBD delivery cream system is a truly disruptive technology which has fundamentally changed the way humans safely ingest THC, CBD and other cannabinoids to enjoy their unique holistic benefits without the dangers of smoking and/or oral ingestion. A simple application of Grapefruit’s Hourglass™ THC/CBD/cannabinoid cream is all that is needed for Hourglass users to obtain the full-body entourage effects and related benefits of THC, CBD and a wide array of other beneficial cannabinoids.
Bradley J. Yourist, Grapefruit’s CEO and co-founder, commented, “We are pleased with the significant progress made on our Health Canada Hourglass approval initiative after successfully responding to Health Canada’s first round of requests for additional information. We are on track to obtain approval of our Hourglass NNCP. Grapefruit looks forward to bringing the Hourglass THC+CBD product to Canada.”
For additional information about Hourglass Canada, please visit: https://grapefruitblvd.com/hourglass-canadian-launch/
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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