LOS ANGELES and DESERT HOT SPRINGS, Calif., Feb. 22, 2021 (GLOBE NEWSWIRE) — via InvestorWire — Grapefruit USA, Inc. (OTCQB: GPFT) (“Grapefruit” or the “Company”), a premiere, fully licensed California-based cannabis company, is announcing today that it has obtained California Trademark protection (CA Registration Nos.: 02009331 and 02009332) for Grapefruit’s patented disruptive Hourglass™ THC/Cannabinoid time-release delivery cream. The Hourglass™ name and logo are now protected intellectual property rights of the Company which prevents all others operating in the Cannabis space from exploitation of such property. The Company also possesses common law, first-in-time, trademark protection to Hourglass™. The Company will obtain its Federal trademark protection when the Federal government legalizes cannabis, expected by many to be later this year.
Bradley J. Yourist, Grapefruit CEO, commented, “Obtaining our California Trademark protection for Hourglass™ is pivotal for us to protect our intellectual property rights and goodwill with respect to Grapefruit’s Hourglass™ line of products. It is only fitting that Grapefruit has exclusive rights to the Hourglass™ name and logo since Grapefruit has an exclusive license for use of the patented technology upon which the Hourglass™ time release delivery cream is based and is the only enterprise on earth with the technical know-how to manufacture the Hourglass™ delivery cream for the regulated cannabis market. That symmetry is exquisite. Securing our trade name is another step forward in the dawning of the Hourglass Era. Hourglass products may only be obtained from Grapefruit and its authorized agents.”
“We previously secured California trademark and service mark protections for the Grapefruit corporate name and other product lines, Sugar Stoned and Rainbow Dreams. Currently, the Federal government does not allow cannabis companies to obtain Federal trademark protection of its intellectual property. We, however, have long understood our operational environment and moved to protect our intellectual property rights at the state level because such state-level registration provides Grapefruit with a significant level of protection on a national basis via common law first-in-time use of our product names. We believe that protection of our intellectual property rights is important to enhance and protect Grapefruit’s value for its shareholders.”
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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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