Business
Grapefruit USA, Inc. Files Health Canada NNCP Submission 8-K
Grapefruit USA, Inc. Files Health Canada NNCP Submission 8-K.
About this update from Grapefruit Usa Inc.
[{"type":"text","content":"\n LOS ANGELES and DESERT HOT SPRINGS, Calif., Jan. 25, 2022 (GLOBE NEWSWIRE) -- via InvestorWire -- Grapefruit USA, Inc. (OTCQB: GPFT) (“Grapefruit” or the “Company”), an innovative California-based cannabiotech company, filed a Current Report on Form 8-K yesterday covering its Notice of New Cannabis Product (“NNCP”) filing with Health Canada. Approval of the NNCP by Health Canada will enable Grapefruit to sell its patented Hourglass™ Time Release THC+CBD-Infused Topical Delivery Cream to licensed retail outlets throughout Canada under the Canadian Federal Cannabis Act (the “Act”). The Act became effective Oct. 17, 2018, as a result of which Canada became the second country in the world to formally legalize the cultivation, possession, acquisition and consumption of cannabis and cannabis-based products. Canada is the first G7 and G20 nation to federally legalize cannabis. The Act and its regulations provide, among other things, the nationwide framework for legal access to cannabis and the control and regulation of its production, distribution and sale. Health Canada is the Canadian federal government licensing authority and is also responsible for approving and overseeing the production of all cannabis products. Health Canada requires that all cannabis products meet federal regulatory requirements before they can be sold in Canada. Health Canada’s review and ultimate approval of Grapefruit’s NNCP is a mandatory prerequisite to the launch of sales of Grapefruit’s Hourglass technology-based products in Canada.    Bradley J. Yourist, Grapefruit’s CEO and co-founder, commented, “A filing on Form 8-K is only appropriate for truly material events. The filing of the NNCP is one of the most material events in Grapefruit’s history, as approval by Health Canada will allow us to commence sales of Hourglass technology-based THC and THC/CBD products in the largest federally legal cannabis market in the world. The world’s best cannabis topical delivery cream will then be available in the world’s largest national legal THC market – a perfect complement to Grapefruit’s California sales of THC/CBD Hourglass products and worldwide sales of Hourglass technology powered non-THC hemp-based CBD products.”   ...