DESERT HOT SPRINGS, CA / ACCESSWIRE / September 9, 2020 / Grapefruit USA, Inc., (OTCQB:GPFT) ("Grapefruit" or the "Company") a fully licensed California based cannabis company, is announcing today that it has agreed to initial terms with Artificial Intelligence Technology Solutions, Inc., (OTCPK:AITX), to enter into a joint venture to co-develop artificial intelligence solutions to streamline and increase crop efficiencies for cannabis cultivation in the United States.
Bradley J. Yourist, Grapefruit's CEO, stated, "We are working closely with Steve Reinharz of Artificial Intelligence Solutions to memorialize our discussions into a formal joint venture agreement. As part of our joint venture, both GPFT and AITX will share ownership of the algorithm that is co-developed by our two companies. Our initial goal is to make GPFT's cannabis cultivation more efficient by examining real-time factors such as humidity and temperature to ascertain how they affect our crop's production and efficiency. The Joint Venture will flesh out all of the details of our arrangement to co-develop these AI solutions for the cannabis sector. Grapefruit's team is excited to work with AITX, and its engineers going forward."
To learn more about Grapefruit, please visit our website at: https://grapefruitblvd.com/investor-relations/ To learn more about Grapefruit's Hourglass THC + CBD time release cream delivery system please visit our website at: https://grapefruitblvd.com/grapefruits-patented-time-release-thc-patchless-patch-topical-cream/
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About GRAPEFRUIT
Grapefruit's corporate headquarters is in Westwood, Los Angeles, California. Grapefruit holds California permits and licenses to both manufacture and distribute cannabis products in the Golden State. Grapefruit's extraction laboratory and manufacturing and distribution facilities are located in the industry recognized Coachillin' Industrial Cultivation and Ancillary Canna-Business Park in Desert Hot Springs, located on the extension of North Canyon Rd., approximately 14 miles north of downtown Palm Springs. To obtain further information on Grapefruit and its operations, please visit its website at https://grapefruitblvd.com/. To learn more about Grapefruit's Sugar Stoned branded line of cannabis and CBD infused edibles, please visit us at https://sugarstoned.com/.
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 for the period ended June 30, 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.
Investor Relations Contact:
The Waypoint Refinery, LLC
(845) 397-2956
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SOURCE: Grapefruit USA