LOS ANGELES and DESERT HOT SPRINGS, CA / ACCESSWIRE / September 21, 2020 / Grapefruit USA, Inc., (OTCQB:GPFT) (“Grapefruit” or the “Company”) a fully licensed California based cannabis company, is announcing today an agreement with a well-respected Coachella Valley extraction lab to manufacture premium cannabis concentrates.
Bradley J. Yourist, Grapefruit’s CEO, stated, “The rapid growth of our premium distribution business has afforded us consistent access to exotic indoor flower and trim ideally suited to be processed into value added high margin concentrates. This new agreement with a Type 7 extraction laboratory in Palm Desert which specializes in the manufacture of premium exotic THC concentrates enables us to economically convert these distribution business by-products into new high margin revenue producing concentrates such as “badder”, “sugar sauce”, “crumble”, “live resin” and “shatter”. The agreement allows us to enter the concentrate business without interrupting Grapefruit’s Desert Hot Springs laboratory’s laser focus on production of “Hourglass by Grapefruit™”, our patented, disruptive THC+Cannabinoid time release topical delivery cream. The new line of concentrates will be marketed under the Grapefruit name and wholesaled to other qualified retailers.”
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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 Rd., approximately 14 miles north of downtown Palm Springs. To obtain further information on Grapefruit and its operations, please visit its website at https://grapefruitblvd.com/. To learn more about Grapefruit’s Sugar Stoned branded line of cannabis and CBD infused edibles, please visit us at https://sugarstoned.com/.
Safe Harbor Statement
Grapefruit cautions you 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 June 30, 2020 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. You 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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SOURCE: Grapefruit USA
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