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LOS ANGELES and DESERT HOT SPRINGS, Calif., June 14, 2021 (GLOBE NEWSWIRE) -- via InvestorWire – Grapefruit USA, Inc., (“GPFT,” “Grapefruit” or the “Company”) (OTCQB: GPFT), a California based hemp and cannabis company, announces today that it is expanding its hemp-based cannabidiol (“CBD”) product line with a new U.S. Department of Agriculture (“USDA”) certified CBD pet tincture targeting two of the most common dog and cat ailments – anxiety and joint pain.
Grapefruit’s new Pet 300 mg CBD hemp-based tincture is derived from USDA Certified Organic hemp, grown only in the United States.
The pet CBD industry has experienced significant growth over the last several years, with an expected market valuation of over $1.7 billion by 2025, according to the Brightfield Group. Overall pet ownership is also increasing, due partly to the pandemic, with more than half of U.S. households having a pet dog or cat and 64% of CBD consumers are specifically buying CBD products for their pets because of the holistic benefits they provide. The global CBD pet market size was valued at USD$27.7 million in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 40.3% from 2020 to 2027. The perceived benefits of cannabis, high awareness among pet owners, and consumers’ preference for natural pet supplements have led to an upsurge in the growth of this market.
“We understand that pet owners are now demanding organic, plant-based, natural remedies to keep their furry family members calm and in good health, and avoid the potential negative side-effects of generic, synthetic pet medications,” said Bradley Yourist, co-founder and CEO of GPFT. “Grapefruit’s new Pet CBD Tincture meets that pet-owner market demand because it is derived from hemp grown right here in the U.S. and each batch is lab tested for purity.”
“Our commitment to obtain the USDA certified organic seal clearly demonstrates GPFT’s continued commitment to creating the best, high-quality, safe and effective CBD products for our customers, be they human, feline, canine or otherwise. Our pets deserve the same relief that their owners have experienced with our other CBD products, such as our THC free, hemp-derived CBD Hourglass time-release topical relief cream.”
“Our shareholders and customers can visit GPFT’s online e-commerce store and purchase our organic Pet CBD tincture at https://hourglassonlinestore.com/product/usda-certified-organic-cbd-tincture-for-pets/.”
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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 March 31, 2021, 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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