Grapefruit USA, Inc. Announces Significant Improvements to the Manufacturing Process of its Disruptive "Hourglass by Grapefruit(TM)" Time Release THC+Cannabinoid Delivery Cream; Preliminary Third Quarter Results Indicate that Revenue Growth Will Exceed Internal Estimates
LOS ANGELES, CA and DESERT HOT SPRINGS, CA / ACCESSWIRE / November 9, 2020 / Grapefruit USA, Inc. (OTCQB:GPFT) ("Grapefruit" or the "Company"), a fully licensed California-based cannabis company, is announcing today that it has successfully completed significant proprietary improvements to its manufacturing processes for production of its unique, ground-breaking, patented "Hourglass by Grapefruit™" time release THC + Cannabinoid infused topical delivery cream based on Zylö Therapeutics, Inc.'s patented Xerogel silica delivery system.
With respect to the Hourglass advances Bradley J. Yourist, Grapefruit's CEO, stated, "For the last ninety days, we have engaged in continuous, cooperative, comprehensive dialogue between Grapefruit and the Zylö Therapeutics scientific teams to dial in the Hourglass delivery cream to yield maximum product efficacy while at the same time insuring safety and purity. We believe this improved product achieves those goals, while at the same time preserving excellent operating margins.
At the same time we have been continuously and successfully testing the Hourglass by Grapefruit's THC + Cannabinoid delivery cream at CannaSafe's Los Angeles-based, California certified testing laboratory which has validated that we are hitting our desired THC and CBD potency levels with the Hourglass delivery cream simultaneously confirmed to be free of any pesticides, heavy metals or microbials as required by the State of California.
We believe that this newest, dialed in, iteration of Grapefruit's Hourglass™ topical delivery cream will prove to be a truly disruptive, breakthrough technology that fundamentally changes the way individuals will ingest THC and Cannabinoids to obtain their unique benefits. Grapefruit's Hourglass™ Topical Delivery Cream offers THC/Cannabinoid users a heretofore unattainable level of discretion and anonymity. For example, fellow airline, concert goers, and movie or theatre attendees will not be able to detect any telltale odors normally associated with THC use. Hourglass users will no longer be prevented from enjoying the many benefits of cannabis without lighting a joint, pipe or vape, and will be able to discreetly apply additional Hourglass cream for a desired effect. We believe this feature will differentiate Grapefruit from all other Cannabis companies.
We enthusiastically believe that our Hourglass™ Topical Delivery Cream will be a game-changer in the recreational/medicinal cannabis market given our extraordinary advantages over traditional methods of consuming cannabis. We look forward to the release of Hourglass by Grapefruit™ to the public before the end of the fourth quarter, and rapid expansion thereafter."
With respect to Grapefruit's 2020 third quarter report, to be released within the next week, Mr. Yourist commented "Grapefruit's third quarter results will acutely demonstrate that not only have we weathered the worldwide Covid pandemic and concomitant economic downturn, but we have thrived and continued our momentum for consecutive quarterly revenue and margin growth. Grapefruit will continue its march toward becoming a leading US based fully integrated cannabis product company."
To learn more about Grapefruit's new sustained-release Hourglass™ THC + Cannabinoid Topical Delivery Cream, please watch this promotional video https://www.youtube.com/watch?v=6cU9MJMgH1w&feature=youtu.be and visit our website at:
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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 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.
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