Grapefruit USA, Inc. CEO Elected to Coachillin’ Canna-Business Park Board of Directors

Rhea-AI Summary

Grapefruit USA, Inc. (OTCQB: GPFT) announces the election of CEO Bradley J. Yourist to the Board of Directors for the Coachillin’ Industrial Cultivation and Ancillary Canna-Business Park, effective immediately. This unique 160-acre park allows landowners to share overhead costs, fostering economies of scale and competitive advantages. Yourist aims to leverage this position to enhance Grapefruit's initiatives in the rapidly evolving California cannabis market.

Positive

• Bradley Yourist's election to the Board presents a fresh perspective on market trends.
• Potential to strengthen Grapefruit's position through collaborative initiatives within the Park.

Negative

• Concerns about continuity and experience gaps as a new board member.

LOS ANGELES and DESERT HOT SPRINGS, Calif., Feb. 23, 2022 (GLOBE NEWSWIRE) -- via InvestorWire – Grapefruit USA, Inc. (OTCQB: GPFT) (“Grapefruit” or the “Company”), an innovative California-based cannabiotech company, today announces that its Chief Executive Officer Bradley J. Yourist has been elected to the Coachillin’ Industrial Cultivation and Ancillary Canna-Business Park’s Property Owners Association Board of Directors (the “Board”) for a one-year term, effective immediately.

The 160-acre Coachillin' Canna-Business Park (the “Park”), located in Desert Hot Springs, California, 14 miles north of downtown Palm Springs, is the first and largest cooperative canna-business compound of its kind. It is unique in that the landowners each own a proportionate interest in a collaborative owner's association, which allows them to share much of the park overhead such as clean cultivation water, park security and access to agricultural power rates and, thereby, develop relatively low-cost economies of scale, which affords members a competitive advantage over independent cannabis operations. 

The Board directs management of the Property Owners Association (“POA”) to focus on maximizing the Park’s value in the common interest of all the Park’s owners and operators.

Bradley J. Yourist, Grapefruit’s CEO and co-founder, commented, “It is an honor for me to have been elected to a one-year term as a member of the Board. As a Board member, I will acquire a unique perspective on the rapidly evolving California cannabis industry and the progress of the Coachillin’ Canna-Business Park. I intend to refer innovative new cannabis industry participants to the Park over the next year. Of course, the Board seat will afford me the opportunity to advance Grapefruit’s initiative to build out our Coachillin’ ‘Mothership’ as quickly as possible.”

For additional information about Hourglass Canada, please visit: https://grapefruitblvd.com/hourglass-canadian-launch/

To purchase Grapefruit’s groundbreaking CBD relief cream outside of Canada, please visit: https://hourglassonlinestore.com/

To learn more about Grapefruit’s new sustained-release 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/

Please be aware that our social media accounts can be used from time to time for additional material events. They can be found here:

Grapefruit USA:
Facebook: https://www.facebook.com/Grapefruit-Boulevard-2304698596251925/
Instagram: https://www.instagram.com/grapefruit_usa/
Twitter: https://twitter.com/grapefruitusa
LinkedIn: https://www.linkedin.com/company/grapefruit-boulevard/
Weedmaps: https://weedmaps.com/brands/grapefruit

Corporate Communications:
InvestorBrandNetwork (IBN)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
Editor@InvestorBrandNetwork.com 

FAQ

What does Bradley J. Yourist's election to the Board of Directors mean for GPFT?

Yourist's election may enhance Grapefruit's strategic initiatives in the cannabis market, providing insights into industry evolution.

How does the Coachillin' Industrial Cultivation Park benefit Grapefruit?

The Park offers shared resources for cost savings, providing a competitive edge for Grapefruit.

What is the significance of the Board role for Grapefruit's CEO?

It allows Yourist to influence the direction of the Park and support Grapefruit's growth initiatives.

When was Bradley J. Yourist elected to the Board?

He was elected effective February 23, 2022.

What is the impact of the Coachillin' Park on cannabis operations in California?

It promotes economies of scale and shared resources, improving operational efficiencies for cannabis businesses.