Business
Grapefruit USA, Inc. Reports 677% Revenue Growth Year-Over-Year; 48% Revenue Growth QuarterOver-Quarter, Margins Expand; CEO Recaps Overall Incredible Quarter
Grapefruit USA, Inc. Reports 677% Revenue Growth Year-Over-Year; 48% Revenue Growth QuarterOver-Quarter, Margins Expand; CEO Recaps Overall Incredible Quarter.
About this update from Grapefruit Usa Inc.
[{"type":"text","content":"LOS ANGELES, CA and DESERT HOT SPRINGS, CA / ACCESSWIRE / November 16, 2020 / Grapefruit USA, Inc., ("GPFT", "Grapefruit" or the "Company") (OTCQB:GPFT) a California based cannabis product manufacturing and distribution Company is announcing today that its quarterly report on Form 10-Q for the nine months ended September 30, 2020 reported net revenues of $2,580,412 for the nine months ending September 30, 2020, an increase of $2,248,371 or 677% over revenues of $332,041 for the nine months ending September 30, 2019. For the three-months ending September 30, 2020, the Company reported net revenues of $1,306,201, an increase of $425,549 or 48% over the previous quarter ended June 30, 2020. This marked the third consecutive quarter that the Company reported significant revenue growth. For a full analysis of the Company's results of operations see the Company's Form 10-Q.With respect to Grapefruit's 2020 third quarter results, Bradley J. Yourist, Grapefruit CEO, commented, "In defiance of the chaos visited upon us all as a result of the worldwide pandemic throughout the first, second and third quarters, Grapefruit was able to increase its revenues by 677% over our previous year, and 48% over our previous quarter. We also witnessed a marked increase in our margins quarter-over-quarter as our costs of sales decreased and customer base expanded. Our performance for the first forty-five days of the fourth quarter strongly indicates that this healthy trend will continue for the foreseeable future.The financial results reported above, while very significant, do not, standing alone, adequately illustrate the advances Grapefruit has made over the summer. Despite many financial and logistical issues engendered by the worldwide pandemic and economic downturn, we have thrived and continued our momentum as evidenced by our third consecutive quarter of revenue expansion. However, these financial reports do not begin to fully chronicle the successes of Grapefruit's third quarter.In the first place, in late June our Registration Statement on Form S-1 was declared effective by the SEC. This step was significant as we became one of only a handful of USA-based, state licensed cannabis companies, that "touches the plant" to successfully register a class of securities with the SEC. This step ...