LOS ANGELES, CA and DESERT HOT SPIRNGS, CA / ACCESSWIRE / January 19, 2021 / Grapefruit USA, Inc., (OTCQB:GPFT) ('Grapefruit' or the 'Company') a premiere fully licensed California based cannabis company, is updating and clarifying recent developments concerning its patented breakthrough, disruptive Hourglass™ time release THC+ Cannabinoid delivery cream. Grapefruit entered into an Exclusive License and Supply Agreement with Zylö Therapeutics Inc., of Greenville, S.C. on July 27, 2020 marking the successful completion of the seventeen-month development of Hourglass™, the only topical delivery technology capable of efficaciously crossing the transdermal barrier. The Exclusive License and Supply Agreement cemented the Company's relationship with Zylö and provided Grapefruit with the solid intellectual property foundation upon which to build its time release topical cream based THC/cannabinoid medicinal and recreational cannabis business in every state in which use of cannabis is legal. In addition, the Exclusive License and Supply Agreement also granted the territories of Canada and Mexico to Grapefruit. Canada has a well-established legalized cannabis marketplace and Mexico legalized the use of medical cannabis in January 2021.
With respect to the constant, steady progress in growth in the Company's market capitalization and daily trading volume the Company has made in the last six months, Bradley J. Yourist, Grapefruit's CEO stated, 'It has been satisfying to watch our market capitalization grow from $11,809,990 on July 27, 2020 when we made the first major Hourglass project press release to $30,282,026 at the close on January 15, 2021 and our average daily volume increase from approximately 200,000 shares per day to approximately 1,114,165 shares per day over the same period. We sincerely believe we can significantly improve on this performance by the end of 2021 as Hourglass™ enjoys rapid acceptance in the cannabis market and we grow our other divisions.
Grapefruit's patented Hourglass™ topical cannabis delivery cream has solved the previously insurmountable difficulties of efficient skin absorption of THC and other cannabinoids, allowing Grapefruit's customers to experience a sustained and steady delivery of THC/Cannabinoids over time following initial application to the skin. Additional applications may be made confidently and discreetly at the user's discretion. There simply is no other product on the planet which successfully utilizes a patented time release THC and CBD delivery mechanism such as Grapefruit's Hourglass™ THC+CBD Topical Delivery Cream to deliver cannabis benefits to the user. Simply stated, Grapefruit's Hourglass THC/ Cannabinoid delivery cream works. Our stock's six month performance reflects this reality and we believe this trend should continue as Hourglass rolls out and becomes more widely known and used.'
To learn more about Grapefruit's new sustained-release Hourglass™ THC + Cannabinoid Topical Delivery 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/
To learn more about Grapefruit, please visit our website at: https://grapefruitblvd.com/investor-relations/
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/.
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 September 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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