LOS ANGELES, CA and DESERT HOT SPRINGS, CA / ACCESSWIRE / June 8, 2020 / Grapefruit USA, Inc., (OTC PINK:GPFT) ("Grapefruit" or the "Company"), a California based cannabis company, is announcing the complete sellout of Grapefruit's ‘first harvest' of its ultra-high quality indoor cannabis flowers resulting from Grapefruit's January 2020 Private Label Cultivation Agreement with a prominent Southern California based cannabis cultivator ("Cultivator"). Grapefruit's Cultivator utilizes a state of the art, indoor Canopy grow system to produce these premium grade Cannabis flowers.
The cannabis flower strains in Grapefruit's first harvest include ‘Wedding Cake', ‘Gelato 33' and ‘Fire OG,' all highly sought-after strains in the Southern California market. In addition, Grapefruit's cultivation contract grants Grapefruit the right to purchase the "trim" resulting from hand trimming of the harvested flowers. The trimmed material can be used for cannabis extracts and the smaller flowers or ‘smalls' for pre-rolls.
With respect to Grapefruit's first successful harvest of its AAA indoor cannabis flowers, Bradley J. Yourist, Grapefruit CEO, stated, "We have achieved another milestone by successfully partnering with a highly-respected cultivator that harvested our first lot of AAA indoor cannabis for Grapefruit. Grapefruit now has a steady supply of ultra-premium grade, indoor cannabis flowers which will enable Grapefruit to quickly expand our distribution operation and resulting revenue stream. Our relationship with our Cultivation partner affords Grapefruit the opportunity to brand our own line of indoor ultra-premium cannabis flowers for the California retail market.
Grapefruit's second harvest will take place late next week which will result in additional premium AAA indoor flowers for our distribution network. We are fortunate to have successfully associated with such a state-of-the art, professional indoor cultivation operation which affords Grapefruit a steady supply of AAA indoor cannabis for both proprietary product lines and wholesale distribution customers. Grapefruit will continue to work hand in glove with our Cultivator to continue our successful collaborations."
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Grapefruit's corporate headquarters is in Westwood, Los Angeles, California. Grapefruit holds California permits and licenses to both manufacture and distribute cannabis products. Grapefruit's extraction laboratory 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. Grapefruit obtained its California cannabis licenses in January 2018 and commenced distribution of cannabis products thereafter. Grapefruit's vision remains to become a seed to sale, fully vertically integrated ethical and compliant cannabis product Company. 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/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.
Investor Relations Contact:
18776 Blue Dream Crossing, Unit LL1 53-07
Desert Hot Springs, California 92240
SOURCE: Grapefruit USA