Grapefruit USA, Inc. (OTCPINK “GPFT”) Comments on the Significance of LVCA/BudTrader Acquisition; Grapefruit Near Term Plans
Los Angeles/Desert Hot Springs, CA, May 04, 2020 (GLOBE NEWSWIRE) -- Grapefruit USA, Inc., (“GPFT”, “Grapefruit” or the “Company”) (GPFT) a California based cannabis company, last week announced in tandem with its social media licensor, BudTrader.com that Grapefruit’s control affiliate, Lake Victoria Mining Company, Inc. (LVCA) (“LVCA”) had agreed to be acquired by BudTrader in a reverse acquisition. (see, www.grapefruitblvd.com www.budtrader.com )
Expanding on the significance of the proposed LVCA/BudTrader acquisition (the “Acquisition”), Bradley J. Yourist, Grapefruit CEO, stated, “The significance of the Budtrader / LVCA Acquisition, which provides us with a Budtrader board seat and the Budtrader CFO position cannot be over emphasized. After the closing of the LVCA / Budtrader.com acquisition, Grapefruit will continue to operate our wholesale cannabis distribution business, and our permitted cannabis extraction lab, enjoying growing revenues from these and other streams. We are also finalizing arrangements for the market release of our potentially disruptive, patented time-release “patchless patch” topical cream to the legal cannabis market.
“We work on a daily basis, on a very granular level with BudTrader, the world’s largest cannabis centric social media site, to increase worldwide awareness of our company and its products and services as well as the value proposition we feel is offered by both GPFT and LVCA shares.
We are confident that this unique combination of characteristics will power our goal of becoming one of the world’s leading legal cannabis companies.
We expect to publish our first quarter results the week of May 11, 2020.”
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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 is 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 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 Reports on Form 10-Q for the period ended June 30, 2019 and its Registration Statement on Form S-1. 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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