LOS ANGELES and DESERT HOT SPRINGS, Calif., April 19, 2022 (GLOBE NEWSWIRE) — via InvestorWire — Grapefruit USA, Inc. (OTCQB: GPFT) (“Grapefruit” or the “Company”), an innovative California-based cannabiotech company, announces today that its Notice of New Cannabis Product (“NNCP”), filed with Health Canada on Jan. 11, 2022, was approved by Health Canada on March 21, 2022, under NNCP ID No. NP-V2EHUWO907. As a result, Grapefruit is now authorized 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 that 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 Grapefruit’s NNCP was a mandatory prerequisite to the launch of Grapefruit’s Hourglass technology-based products in Canada.
As a result of the Health Canada Hourglass™ NNCP approval, Grapefruit can sell Hourglass THC-infused products throughout both California and Canada, which have a combined population in excess of 75 million people.
Grapefruit believes its Hourglass™ THC/CBD delivery cream is a truly disruptive technology that will fundamentally change the way humans safely ingest THC, CBD and other cannabinoids to enjoy their unique holistic benefits without exposure to the dangers of smoking and/or orally ingesting THC, CBD and other cannabinoids. 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. The disruptive Hourglass technology enables users, for the first time, to effectively use a variety of cannabis products in a healthy fashion. Simply put, Hourglass-based products work without the health risks from smoking or orally ingesting THC and CBD.
Bradley J. Yourist, Grapefruit’s CEO and co-founder, commented, “Health Canada’s approval of our Hourglass™ THC/CBD/cannabinoid topical cream is an inflection point for us and establishes Grapefruit as one of the world’s leading multinational canna-biotechnology firms. The Company will continue to emphasize utilizing our proprietary Hourglass™ technology to maximize the benefits of cannabinoids for our consumers while minimizing any negative side effects. Only Grapefruit and its authorized agents may manufacture, distribute or retail Hourglass™ technology-based products in the California and Canada markets, and no other cannabis products in the world measure up to Hourglass™-based products. Sales of Hourglass-based products will commence in Canada as soon as possible. Furthermore, the Company will be announcing further details of its previously announced acquisition of Diagnostic Lab Corporation in the near future.”
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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