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CannabisNewsBreaks – Grapefruit USA Inc. (GPFT) Provides Update on MOU with Canadian Cannabis Company, Potential JV

Company: Grapefruit USA Inc. (GPFT)
Category: News

Grapefruit USA (OTCQB:GPFT), a premiere, fully licensed California-based cannabis company, is providing an update regarding the announcement of a potential acquisition transaction. The company earlier announced that a Canadian cannabis company had shown interest in entering  discussions involving an acquisition transaction; those discussions led to the two companies signing a memorandum of understanding (“MOU”) in February. The MOU outlines terms under which the parties could enter into a joint venture (“JV”) that would call for the joint manufacture, distribution and marketing in Canada of Grapefruit’s products, including but not limited to Grapefruit’s flagship Hourglass(TM) THC/cannabinoid time-release delivery cream. “As we have stated before, a joint venture may precede without precluding an acquisition,” said Grapefruit CEO Bradley J. Yourist. “Development of the Hourglass’ MOU to both manufacture and distribute Hourglass into Canada has moved the entire process forward as we now more clearly understand each other’s overall goals and priorities as well as the capital requirements and legal, regulatory and logistical challenges of finalizing a joint venture and/or an acquisition. We expect to bring the process forward to the point of making a decision in the next 60–90 days. Once again, that being said, we wish to emphasize that the discussions reported here, although largely positive remain preliminary in nature and may be terminated at any time. Grapefruit will update the public as necessary on any material joint venture or acquisition developments as events proceed.”

To view the full press release, visit https://cnw.fm/7u5PN

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, California. To find out more about the company, please 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

About CannabisNewsWire

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.

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