LOS ANGELES and DESERT HOT SPRINGS, Calif., Feb. 08, 2021 (GLOBE NEWSWIRE) — via InvestorWire – Grapefruit USA, Inc., (OTCQB: GPFT) (“Grapefruit” or the “Company”), a premiere, fully licensed California-based cannabis company, today provides unaudited preliminary results for calendar year 2020.
- The Company achieved currently unaudited total revenues of approximately $3,672,353 for the year ended Dec. 31, 2020 – an increase of approximately $3,221,156 or 714% over revenues for the year ended Dec. 31, 2019.
- The Company had a combined average growth rate over the last three years of 350%.
With respect to Grapefruit’s unaudited 2020 results, Bradley J. Yourist, Grapefruit CEO, commented, “Our eye-popping 714% year-over-year revenue growth, achieved during the worst global pandemic in modern history, was especially gratifying and demonstrates the deep strength and resolve of our Company’s team. We continued to expand our indoor premium exotic cannabis flower distribution into the entire California wholesale marketplace. Despite a myriad of logistical difficulties engendered by the pandemic, we successfully executed on the Hourglass™ initiative. After 17 months of exacting efforts by Grapefruit and its scientific team, we brought the patented, disruptive Hourglass™ topical THC/cannabinoid delivery cream to market, thereby forever fundamentally changing the way individuals use THC and cannabinoids to obtain their holistic benefits. The demand for Hourglass™ has been robust, and user reviews have ranged from very satisfactory to downright spectacular. We believe 2021 will be our breakout year to achieve our goal of gaining recognition as perhaps the leading U.S.-based, technology-driven, fully integrated cannabis company. Finally, the Hourglass™ experience may only be purchased from Grapefruit (‘GPFT’) and its authorized agents.”
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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 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 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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