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Grapefruit USA, Inc. CEO Comments on Positive Response of the Company’s Publicly Traded Shares Since July 2020 Completion of Development of Grapefruit’s Disruptive Hourglas(TM) Time Release THC+CBD Delivery Cream
Grapefruit USA, Inc. CEO Comments on Positive Response of the Company’s Publicly Traded Shares Since July 2020 Completion of Development of Grapefruit’s Disruptive Hourglas(TM) Time Release THC+CBD Delivery Cream.
About this update from Grapefruit Usa Inc.
[{"type":"text","content":"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 initi...