LOS ANGELES and DESERT HOT SPRINGS, Calif., March 23, 2022 (GLOBE NEWSWIRE) — via InvestorWire — Grapefruit USA, Inc. (OTCQB: GPFT) (“Grapefruit” or the “Company”), an innovative California-based cannabiotech company, today announces that it has secured distribution in the state of California for Summit Boys, a Company-owned premiere cannabis concentrate brand. The distribution agreement has been forged with Greenline Distribution of Monterey County, California.
Greenline is an award-winning cannabis cultivator and distributor based in Moss Landing, California, and is the creator of the exclusive, super-potent “Orange Tree” and “Bananimal” cannabis strains. The Greenline team has over 70 years of combined cannabis distribution experience and currently distributes cannabis products throughout the state of California.
Bradley J. Yourist, Grapefruit’s CEO and co-founder, commented, “We are pleased that Grapefruit has partnered with Greenline to secure full-service distribution for its ‘Summit Boys’ brand in California. The highly experienced Summit Boys sales team provides hands-on service to Grapefruit retailers and is excited to distribute our new Summit Boys high-end concentrates, which include, ‘vanilla runtz diamonds,’ ‘sweeties live sugar,’ ‘sundae driver,’ ‘wedding cake live badders’ and ‘snowcap diamond sauce.’ We look forward to working with Greenline over the coming months to manufacture and distribute new and innovative Summit Boys concentrates.”
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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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