LOS ANGELES and DESERT HOT SPRINGS, Calif., April 25, 2022 (GLOBE NEWSWIRE) — via InvestorWire — Grapefruit USA, Inc. (OTCQB: GPFT) (“Grapefruit” or the “Company”), an innovative California-based cannabiotech company, announces today that its cannabis distributor license number C11-0000082-LIC has been renewed through May 13, 2023, by the California Department of Cannabis Control. This the quickest annual renewal for the Company since its original distribution license was issued in January 2018.
Bradley J. Yourist, Grapefruit’s CEO and co-founder, commented, “It is gratifying to see that our Company’s strict 24/7/365 adherence to California’s cannabis laws and regulations has yielded a swift renewal of our distribution license, especially at a time when many cannabis licensees are encountering cannabis license renewal challenges. Grapefruit will continue to mandate strict California compliance standards. The swift renewal of our California distribution license is especially significant coming on the heels of Health Canada’s recent approval of Grapefruit’s NNCP for our patented Hourglass™ THC/CBD/cannabinoid topical cream, as the California renewal and Health Canada approval allow the Company to offer its products in the combined 75+ million person markets.”
To purchase Grapefruit’s groundbreaking patented CBD delivery topical cream outside of Canada, please visit: https://hourglassonlinestore.com/
To learn more about Grapefruit’s new sustained-release patented Hourglass™ THC + Cannabinoid topical cream, please watch this promotional video: https://www.youtube.com/watch?v=6cU9MJMgH1w&feature=youtu.be
and visit our website at:
https://grapefruitblvd.com/hourglass/
For investor information, please visit our website at:
https://grapefruitblvd.com/investor-relations/
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About Grapefruit
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.
Investor Relations Contact:
Bradley Yourist
ir@grapefruitblvd.com
18776 Blue Dream Crossing, Unit LL1 53-07
Desert Hot Springs, California 92240
(760) 205-1382
https://grapefruitblvd.com/
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