- The license agreement grants Grapefruit exclusive rights to Zylö's patented time-release Z-Pod™ technology in the United States, Canada, and Mexico.
- The unique architecture of Grapefruit's Hourglass™ time-release delivery cream provides Grapefruit with the ability to formulate literally endless variations of its Hourglass™ product for both medical and recreational users.
- Grapefruit's Hourglass™ THC + Cannabinoid Topical Cream is the world's first and only known meaningfully effective THC+Cannabinoid-loaded transdermal cream that penetrates the five layers of human skin breaking through the dermal pathway to penetrate the human blood-brain barrier thereby successfully delivering beneficial cannabinoids throughout the human bloodstream and body in a predictable, steady dose over a targeted time period.
LOS ANGELES and DESERT HOT SPRINGS, CA / ACCESSWIRE / August 3, 2020 / Grapefruit USA, Inc. (OTCQB:GPFT) ("Grapefruit" or the "Company"), a fully licensed California-based cannabis company, announced today that it filed its Exclusive License and Supply Agreement with Zylö Therapeutics Inc. of Greenville, S.C. Form 8-K.
The exclusive license agreement cements the Company's relationship with Zylö and provides Grapefruit with the IP platform to build novel and disruptive topical THC/cannabinoid medicinal and recreational cannabis products for every legalized state. In addition, the agreement grants the Company the territories of Canada and Mexico, significantly expanding the Company's potential market. Canada has a well-established legalized cannabis marketplace, and Mexico is anticipated to legalize medical cannabis in the near future.
With respect to the filing of the Zylö-Grapefruit Exclusive License and Supply Agreement Form 8-K, Bradley J. Yourist, Grapefruit's CEO, stated, "Grapefruit's filing of the Zylö exclusive license agreement marks a momentous moment for the Company.
Our current and future shareholders can now see for themselves the scope of our license rights which are reasonably extensive. Our licensing rights extend from the United States to Canada and Mexico. Grapefruit has a very good working relationship with Zylö's management which affords us the ability to expand our license rights into new countries as our market grows in the long term as more countries legalize cannabis for medical and recreational use.
Grapefruit's new Hourglass™ topical delivery cream is a breakthrough technology because we can deliver our active ingredients, THC along with the full range of cannabinoids such as CBD, CBG and CBN, through the skin, and past the blood brain barrier over a predictable time-period which will fundamentally change the way cannabis users ingest THC and other cannabinoids for many physical, and other ailments."
To learn more about Grapefruit's new sustained-release Hourglass™ THC + Cannabinoid Topical Delivery Cream, please watch this informational video https://www.youtube.com/watch?v=6cU9MJMgH1w&feature=youtu.be and visit our website at: https://grapefruitblvd.com/grapefruits-patented-time-release-thc-patchless-patch-topical-cream/
To learn more about Grapefruit, please visit our website at: https://grapefruitblvd.com/investor-relations/
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Grapefruit holds licenses in California to both manufacture and distribute cannabis products (see website at https://grapefruitblvd.com/). The Company's extraction lab produces high quality, cannabis-derived THC and full-spectrum distillates commonly known as "honey oil" and "crude oil" from cannabis flower and "trim". These distillates are base cannabis commodities and are the active ingredients in many cannabis products including infused edibles, tinctures, and creams, and are also used as the active ingredient in vaporization cartridges. Grapefruit also distributes branded cannabis and cannabis products to properly licensed cannabis product companies, including the Sugar Stoned™ line of cannabis and CBD-infused edibles (see https://sugarstoned.com/) and the breakthrough Hourglass™ sustained-release THC+Cannabinoid Topical Delivery Cream (see https://grapefruitblvd.com/grapefruits-patented-time-release-thc-patchless-patch-topical-cream/).
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/A for the period ended March 31, 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