NetworkNewsBreaks – Grapefruit USA Inc. (GPFT) A
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Posted On: 02/18/2021 3:28:08 PM
NetworkNewsBreaks – Grapefruit USA Inc. (GPFT) Announces Update Regarding Informal Acquisition Inquiry, Development of MOU for Potential Joint Venture
Grapefruit USA (OTCQB: GPFT), a premiere, fully licensed California-based cannabis company, today updated its recent announcement that it has been approached by a Canadian cannabis company to enter into discussions concerning a potential acquisition transaction. The discussions have evolved to include development of a memorandum of understanding (“MOU”) that sets forth terms under which the parties could enter into a joint venture to jointly manufacture, distribute and market Grapefruit’s products. These include, but are not limited to, Grapefruit’s patented disruptive Hourglass(TM) THC/Cannabinoid time-release delivery cream throughout Canada. “As previously announced, Grapefruit is not surprised that we have been approached concerning a potential acquisition, in light of the company’s recent disclosure concerning its 714% year-over-year revenue increase; the public reaction to the company’s patented, disruptive Hourglass(TM) THC/Cannabinoid delivery cream; and recent announcements by U.S. Senate Majority Leader Chuck Schumer concerning prioritization of the federal legalization of cannabis by de-scheduling THC,” said Grapefruit CEO Bradley J. Yourist. “Grapefruit has always been fundamentally driven by compliance, so management decided it was incumbent upon the company to make this announcement to prevent possible selective leaks of this material and heretofore nonpublic information and/or to prevent insider trading. As part of the parties’ deliberations, we have considered creation of a joint venture, which we believe may be put into place more easily and promptly than a full transnational reorganization transaction that could require regulatory oversight and associated complications. A joint venture may precede a reorganization transaction. Such an approach might facilitate the rapid introduction of Hourglass(TM) and other Grapefruit products into the Canadian market. Once again, that being said, we wish to emphasize that the discussions reported here are preliminary in nature and may be terminated at any time. Grapefruit will update the public as necessary on these discussions as events proceed.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Grapefruit USA (OTCQB: GPFT), a premiere, fully licensed California-based cannabis company, today updated its recent announcement that it has been approached by a Canadian cannabis company to enter into discussions concerning a potential acquisition transaction. The discussions have evolved to include development of a memorandum of understanding (“MOU”) that sets forth terms under which the parties could enter into a joint venture to jointly manufacture, distribute and market Grapefruit’s products. These include, but are not limited to, Grapefruit’s patented disruptive Hourglass(TM) THC/Cannabinoid time-release delivery cream throughout Canada. “As previously announced, Grapefruit is not surprised that we have been approached concerning a potential acquisition, in light of the company’s recent disclosure concerning its 714% year-over-year revenue increase; the public reaction to the company’s patented, disruptive Hourglass(TM) THC/Cannabinoid delivery cream; and recent announcements by U.S. Senate Majority Leader Chuck Schumer concerning prioritization of the federal legalization of cannabis by de-scheduling THC,” said Grapefruit CEO Bradley J. Yourist. “Grapefruit has always been fundamentally driven by compliance, so management decided it was incumbent upon the company to make this announcement to prevent possible selective leaks of this material and heretofore nonpublic information and/or to prevent insider trading. As part of the parties’ deliberations, we have considered creation of a joint venture, which we believe may be put into place more easily and promptly than a full transnational reorganization transaction that could require regulatory oversight and associated complications. A joint venture may precede a reorganization transaction. Such an approach might facilitate the rapid introduction of Hourglass(TM) and other Grapefruit products into the Canadian market. Once again, that being said, we wish to emphasize that the discussions reported here are preliminary in nature and may be terminated at any time. Grapefruit will update the public as necessary on these discussions as events proceed.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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