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Grapefruit USA, Inc. is a company dedicated to the creation and distribution of cannabis-related goods, primarily serving the California market. A key offering from the firm is Hourglass, a topical cream featuring a sustained-release blend of THC and CBD, which is exclusively sold via its online platform. The business, originally established in 2017, was formerly recognized as Grapefruit Boulevard Investments, Inc., before officially adopting its current name, Grapefruit USA, Inc., in January 2020. Its main operational base is situated in Wilmington, Delaware.
California-based canna-biotech company Grapefruit USA, Inc. (OTCQB:GPFT) has executed a term sheet with the Al Habtoor Group, located in Dubai, UAE, 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.
LOS ANGELES and DESERT HOT SPRINGS, Calif., Oct. 13, 2021 (GLOBE NEWSWIRE) -- via InvestorWire -- Grapefruit USA, Inc. (OTCQB: GPFT) (“Grapefruit” or the “Company”), a premiere California-based cannabis and hemp company, is pleased to announce it has entered into a formal collaboration with Canadian companies 6PAK Solutions Inc. and Medz Cannabis, Inc., 6PAK's partner and license holder, to bring Grapefruit's patented Hourglass™ Time Release THC+CBD Delivery Topical Relief Cream to market throughout Canada. The formal collaboration agreement cements the strategic alliance with 6PAK Solutions Inc., a well-respected Canadian cannabis manufacturer and arm of ATG Pharma Inc.
LOS ANGELES and DESERT HOT SPRINGS, Calif., Sept. 15, 2021 (GLOBE NEWSWIRE) -- via InvestorWire -- Grapefruit USA, Inc. (OTCQB: GPFT) (“Grapefruit” or the “Company”), a premiere, fully licensed California-based cannabis company, today announces that on Friday, Sept. 10, 2021, the Company closed on the acquisition of a controlling interest in Monterey, California-based Summit Boys, Inc. (“Summit Boys”) from one of Summit Boys' founders in a stock-for-stock transaction valued at $250,000, based on GPFT's Sept. 10, 2021, closing price. All Summit Boys revenues will henceforth be consolidated with Grapefruit's financial statements.
LOS ANGELES and DESERT HOT SPRINGS, Calif., Sept. 07, 2021 (GLOBE NEWSWIRE) -- via InvestorWire -- Grapefruit USA, Inc. (OTCQB: GPFT) (“Grapefruit” or the “Company”), a premiere, fully licensed California-based cannabis company, today provides further updates to its March and May 2021 announcements concerning its discussions with a Canadian cannabis company regarding development of a memorandum of understanding (“MOU”) setting forth terms under which the parties could enter into a joint venture to jointly manufacture, distribute and market Grapefruit's products, including, but not limited to, Grapefruit's patented disruptive Hourglass™ THC/cannabinoid time-release delivery cream throughout Canada.
LOS ANGELES and DESERT HOT SPRINGS, Calif., July 19, 2021 (GLOBE NEWSWIRE) -- via InvestorWire – Grapefruit USA, Inc., (“GPFT,” “Grapefruit” or the “Company”) (OTCQB: GPFT), a California based cannabis company, today sets forth its position on the potential enactment of The Cannabis Administration and Opportunity Act (the “ACT”), a discussion draft of which was publicly released by Sen. Chuck Schumer (D-NY), Sen. Ron Wyden (D-OR) and Sen. Cory Booker (D-NJ) on July 14, 2021. The ACT, as presented in the discussion draft, will effectively legalize cannabis use at the federal level by removing cannabis from the federal list of controlled substances. It would also empower states to implement their own adult (21 and over) recreational cannabis laws as has already been done in 18 states including California, where Grapefruit is based and currently operating, as well as the District of Columbia, the northern Marianas Islands and Guam. In addition, 37 states, Washington, D.C., Puerto Rico, Guam and the U.S. Virgin Islands have advanced laws which have legalized medically prescribed cannabis for use in their jurisdictions. According to the official summary of the discussion draft of the ACT, more than 90% of Americans believe cannabis should be legal for adult and/or medical use.