Grapefruit USA (OTCQB: GPFT), a premiere, fully licensed California-based cannabis company, today updated 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”) that sets forth terms under which the parties could enter into a joint venture to jointly manufacture, distribute and market Grapefruit’s products. These include, but are not limited to, Grapefruit’s patented disruptive Hourglass(TM) THC/Cannabinoid time-release delivery cream throughout Canada. “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(TM) 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,” said Grapefruit CEO Bradley J. Yourist. “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(TM) 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.”
To view the full press release, visit https://cnw.fm/Fa1QE
About Grapefruit USA Inc.
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. For more information about the company, visit www.GrapefruitBlvd.com.
NOTE TO INVESTORS: The latest news and updates relating to GPFT are available in the company’s newsroom at https://cnw.fm/GPFT
CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.
To receive SMS text alerts from CannabisNewsWire, text “CANNABIS” to 21000 (U.S. Mobile Phones Only)
For more information please visit https://www.CannabisNewsWire.com
Do you have questions or are you interested in working with CNW? Ask our Editor
CannabisNewsWire is part of the InvestorBrandNetwork.