LOS ANGELES and DESERT HOT SPRINGS, Calif., June 28, 2021 (GLOBE NEWSWIRE) -- via InvestorWire – Grapefruit USA, Inc. (OTCQB: GPFT) (“Grapefruit” or the “Company”), a premiere California-based cannabis and hemp company, is pleased to announce it has signed a NDA with and formed a new strategic alliance with 6PAK Solutions Inc., a well-respected Canadian cannabis manufacturer and arm of ATG Pharma Inc., to bring Grapefruit’s patented Hourglass™ Time Release THC+CBD Delivery Topical Relief Cream to market throughout Canada.
As part of this new strategic alliance, Grapefruit intends to file a Notice of New Cannabis Product or “NNCP” with Health Canada detailing the Hourglass production process including integration of the patented Z-Pod Xerogel Silica Gel technology into the Hourglass topical delivery cream system. Upon approval of the NNCP by Health Canada, Grapefruit intends to launch its Hourglass™ Time Release THC+CBD Delivery Cream across Canada, hopefully, in the third quarter of 2021.
The Company believes its Hourglass™ delivery cream system is a truly disruptive delivery technology that has fundamentally changed the way humans can ingest THC and other cannabinoids to obtain their unique holistic benefits. A simple application of Grapefruit’s Hourglass™ cream is all that is needed for Grapefruit’s users to obtain the full body entourage effects and related relief of THC and a wide array of other beneficial cannabinoids. Furthermore, and most importantly, Grapefruit is the exclusive licensee of the Z-Pod Xerogel Silica Gel for cannabis products in North America. Only Grapefruit possesses the know-how to manufacture the Hourglass™ time–release delivery cream from the Xerogel Gel and only Grapefruit approved retailers can sell the Hourglass™ time-release delivery cream in the United States, Canada and Mexico. Hourglass is the future of healthy cannabis delivery systems.
Bradley J. Yourist, Grapefruit’s CEO and co-founder, commented, “We are very encouraged by 6PAKS’ decision to form an alliance with Grapefruit to take the initial steps toward obtaining Canadian regulatory approval to bring Grapefruit’s patented time-release THC+CBD topical delivery cream to all Canadians. 6PAK Solutions’ expertise in this area is unrivaled and assures Grapefruit will bring a fully compliant cannabis product to market in Canada. 6PAK is also a subsidiary of ATG Pharma, Inc., a leader in regulatory compliant filling and packaging for the cannabis industry in Canada, so we are in good hands indeed. Our team looks forward to working with Chris Shar and his team in the coming weeks to achieve our corporate goal of introducing Hourglass™ across the entire nation of Canada in the third quarter of 2021.”
“With our strong roots in the Canadian market and service focused approach, we are proud to offer a platform for Hourglass to bring new and innovative products to the Canadian consumer,” commented Chris Shar, co-founder of 6PAK Solutions Inc.
“Grapefruit would also like to eliminate any potential confusion among the investing public by emphasizing that the strategic alliance discussed in this press release is completely independent of our previously announced discussions concerning an acquisition transaction and or joint venture with a separate and distinct Canadian partner. Those discussions continue to proceed separately from the 6PAK NNCP initiative,” commented Yourist.
To purchase Grapefruit’s ground-breaking CBD delivery relief cream (outside of Canada), please visit: https://hourglassonlinestore.com/
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 Road, approximately 14 miles north of downtown Palm Springs. To obtain further information on Grapefruit and its operations, please visit the Company’s website at https://grapefruitblvd.com/.
Safe Harbor Statement
Grapefruit cautions 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 Sept. 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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