Business
Grapefruit USA, Inc. Issues Update Concerning the Company’s Progress Through the First Five Months of 2021
Grapefruit USA, Inc. Issues Update Concerning the Company’s Progress Through the First Five Months of 2021.
About this update from Grapefruit Usa Inc.
[{"type":"text","content":"\n LOS ANGELES and DESERT HOT SPRINGS, Calif., June 01, 2021 (GLOBE NEWSWIRE) -- via InvestorWire – Grapefruit USA, Inc. (OTCQB: GPFT) (“Grapefruit” or the “Company”), a premiere, fully licensed California-based cannabis and hemp Company, is updating the public with respect to previously issued press releases concerning the Company’s progress in certain key areas of its business:         *        Grapefruit’s disruptive, patented Hourglass topical delivery cream, powered by the ZPOD micro-technology, has been successfully infused with Grapefruit’s THC-free, hemp derived CBD oil.   As a result, Grapefruit now manufactures and markets the world’s first and only maximally bioavailable, time release delivered THC-free, hemp derived CBD topical product. Because THC-free CBD products are legal in most of the 50 U.S. states and around the world, the Company quickly developed its own e-commerce direct to consumer site, https://hourglassonlinestore.com, which began marketing the THC-free, hemp derived Hourglass CBD products in April 2021. Shortly thereafter, the Company announced its Hourglass Affiliate program at https://hourglassonlinestore.com/affiliates/ to compliment the Hourglass e-commerce site and allow existing CBD product marketers, who qualify under Grapefruit’s stringent compliance and ethics standards, to sell the Company’s THC-free, hemp-derived Hourglass CBD products. The launch of the CBD product e-commerce site and Affiliate Program has no effect on the Company’s ongoing efforts to market THC/cannabinoid-based Hourglass powered products in those jurisdictions where it is legal, such as California, through duly licensed resellers such as Apothecary420, Crown Genetics and duly licensed dispensaries. Management believes the launch of the Hourglass e-commerce site and Affiliate Program will result in a significant increase in non-distribution/trading revenues and thereby minimize the effects of the seasonality of cannabis flower distribution and trading operations.         *        Grapefruit will be featured in a 12-part series featuring its Hourglass product lines, set to air in FMW Media Corp’s “New to the Street” series with...