LOS ANGELES and DESERT HOT SPRINGS, Calif., Feb. 16, 2022 (GLOBE NEWSWIRE) — via InvestorWire — Grapefruit USA, Inc. (OTCQB: GPFT) (“Grapefruit” or the “Company”), an innovative California-based canna-biotech company, announces today that the Company has executed a term sheet with the Al Habtoor Group, located in Dubai, United Arab Emirates, to finance development of its 2-acre lot in the Coachillin’ Canna-Business Park in Desert Hot Springs, California, located just North of Palm Springs. The process now moves to the due diligence phase. When due diligence is completed, final details of financing terms will be released.
As previously announced, the Company has obtained a permit to build its 30,000-square-foot “Mothership” facility that will house a state-of-the-art indoor grow as well as a separately licensed distribution hub and laboratory that will produce high-quality extracts from trim generated by processing the indoor grow.
Bradley J. Yourist, Grapefruit’s CEO, commented, “Grapefruit is gratified to have attracted the interest of a very successful, rapidly growing luxury lifestyle firm with a global perspective such as the Al Habtoor Group. This association, along with the recently announced filing of our Notice of New Cannabis Product for Hourglass™ with Health Canada, further emphasizes the Company’s evolution from a traditional California cannabis company to an international canna-biotech company. We look forward to completing the due diligence phase so we can finalize the financing arrangements and begin construction as soon as possible.”
To purchase Hourglass™, Grapefruit’s groundbreaking hemp-based CBD topical relief cream outside of Canada, please visit: https://hourglassonlinestore.com/
To learn more about Grapefruit’s sustained-release Hourglass™ THC+Cannabinoid Topical Cream, please watch this 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. Grapefruit’s common stock trades on the OTCQB Market under the Symbol “GPFT” 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 for the year ended Dec. 31, 2020, 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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