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On September 10, 2021, Grapefruit USA (OTCQB: GPFT) announced the acquisition of a controlling interest in Summit Boys, Inc. for $250,000 in a stock-for-stock transaction. This acquisition allows Grapefruit to consolidate Summit Boys' revenues, enhancing its financial portfolio. Summit Boys is recognized for its premium cannabis extracts, which are widely distributed across California's licensed dispensaries, including notable brands like Cookies and Stiiizy. The CEO emphasized this transaction supports revenue growth and market expansion strategies.
Grapefruit USA (OTCQB: GPFT) announces updates regarding its joint venture discussions with a Canadian cannabis company to manufacture and distribute its Hourglass THC/cannabinoid products in Canada. Following a memorandum of understanding signed in February, delays occurred due to corporate actions at the Canadian partner, which were conditionally approved on August 27, 2021. Grapefruit expects to resume negotiations by October 1, 2021, although outcomes remain uncertain and dependent on the Canadian partner's final approvals.
Grapefruit USA (OTCQB: GPFT) has launched its Hourglass™ Time Release THC+CBD Delivery Topical Relief Cream in all eight One Plant cannabis dispensaries across California, from Santa Barbara to Santa Cruz. This partnership highlights the innovative delivery technology of Hourglass™, designed to enhance the safe ingestion of THC and beneficial cannabinoids. Exclusively licensed to manufacture the Hourglass™ system, Grapefruit aims to expand its retail presence following the Covid-related delays. CEO Bradley Yourist expressed confidence in increased brand awareness and revenue growth through this launch.
Grapefruit USA (GPFT) endorses the Cannabis Administration and Opportunity Act, released by Senators Schumer, Wyden, and Booker on July 14, 2021. The ACT seeks to legalize cannabis federally by removing it from the controlled substances list, allowing states to regulate adult-use cannabis. Over 90% of Americans support cannabis legalization. CEO Bradley Yourist emphasized that passage of the ACT would enhance the availability of Grapefruit’s Hourglass™ time-release products across the U.S. and benefit shareholders and consumers alike.
Grapefruit USA (OTCQB: GPFT) announces that Captor Capital will feature its Hourglass™ Time Release THC+CBD Delivery Topical Relief Cream in all retail outlets across California. The Hourglass system is touted as a revolutionary delivery technology for cannabinoid consumption. Grapefruit, as the exclusive licensee of Z-Pod Xerogel Silica Gel, holds a unique position in the market. CEO Bradley J. Yourist expressed optimism about expanding product distribution post-COVID lockdown and intends to increase brand awareness and revenue through this partnership.
Grapefruit USA (OTCQB: GPFT) has formed a strategic alliance with 6PAK Solutions Inc. to launch its patented Hourglass™ Time Release THC+CBD Delivery Cream in Canada. An NNCP will be filed with Health Canada detailing the product's production process, aiming for a Q3 2021 launch. The Hourglass™ cream utilizes exclusive Z-Pod Xerogel Silica Gel technology, allowing for effective THC delivery. This partnership is expected to facilitate regulatory compliance and market entry in Canada, with 6PAK's expertise enhancing Grapefruit's product introduction.
Grapefruit USA (GPFT) announces the launch of a new USDA-certified CBD pet tincture aimed at addressing common ailments in dogs and cats, including anxiety and joint pain. The product is derived from organic hemp cultivated in the U.S. The pet CBD market is projected to reach $1.7 billion by 2025, fueled by rising pet ownership and a preference for natural remedies. CEO Bradley Yourist emphasizes the company’s commitment to providing high-quality, safe CBD products. The tincture is now available for purchase through Grapefruit’s online store.
Grapefruit USA, Inc. (OTCQB: GPFT) announced updates on its Hourglass topical delivery cream infused with THC-free, hemp-derived CBD oil, now the only product of its kind. The company launched its e-commerce site and an affiliate program, aiming to boost revenues amidst market seasonality. Grapefruit's products will be featured in a 12-part TV series on major networks, enhancing visibility. Additionally, an MOU with a Canadian cannabis firm may lead to joint ventures in THC/cannabinoid production. Positive feedback on Hourglass products has been reported, showcasing technological effectiveness.
Grapefruit USA, Inc. (OTCQB: GPFT) has partnered with SRAX, Inc. (NASDAQ: SRAX) to enhance its investor relations and marketing efforts. This collaboration focuses on promoting Grapefruit's patented Hourglass™ topical hemp-derived CBD and THC products and its new e-commerce platform. Utilizing SRAX's Sequire system, the company aims to analyze shareholder behavior and expand its investor base. CEO Bradley J. Yourist highlighted the importance of this agreement in enhancing product visibility and shareholder engagement.
Grapefruit USA (OTCQB: GPFT) reported net revenues of $350,815 for the three months ending March 31, 2021, a 10% decrease from $393,559 in the same quarter of 2020. This revenue drop resulted from a strong cannabis harvest, which lowered wholesale prices. The company plans to focus on launching its Hourglass product line to offset revenue declines. CEO Bradley J. Yourist expressed confidence that Hourglass products will drive future revenue growth and expects the affiliate program and e-commerce platform to significantly impact sales.
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