NetworkNewsBreaks – Grapefruit USA Inc. (GPFT) P
Post# of 182
(Total Views: 240)
Posted On: 03/01/2021 3:46:41 PM
NetworkNewsBreaks – Grapefruit USA Inc. (GPFT) Provides Update on MOU with Canadian Cannabis Company, Potential JV
Grapefruit USA (OTCQB:GPFT), a premiere, fully licensed California-based cannabis company, is providing an update regarding the announcement of a potential acquisition transaction. The company earlier announced that a Canadian cannabis company had shown interest in entering discussions involving an acquisition transaction; those discussions led to the two companies signing a memorandum of understanding (“MOU”) in February. The MOU outlines terms under which the parties could enter into a joint venture (“JV”) that would call for the joint manufacture, distribution and marketing in Canada of Grapefruit’s products, including but not limited to Grapefruit’s flagship Hourglass(TM) THC/cannabinoid time-release delivery cream. “As we have stated before, a joint venture may precede without precluding an acquisition,” said Grapefruit CEO Bradley J. Yourist. “Development of the Hourglass’ MOU to both manufacture and distribute Hourglass into Canada has moved the entire process forward as we now more clearly understand each other’s overall goals and priorities as well as the capital requirements and legal, regulatory and logistical challenges of finalizing a joint venture and/or an acquisition. We expect to bring the process forward to the point of making a decision in the next 60–90 days. Once again, that being said, we wish to emphasize that the discussions reported here, although largely positive remain preliminary in nature and may be terminated at any time. Grapefruit will update the public as necessary on any material joint venture or acquisition developments 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, is providing an update regarding the announcement of a potential acquisition transaction. The company earlier announced that a Canadian cannabis company had shown interest in entering discussions involving an acquisition transaction; those discussions led to the two companies signing a memorandum of understanding (“MOU”) in February. The MOU outlines terms under which the parties could enter into a joint venture (“JV”) that would call for the joint manufacture, distribution and marketing in Canada of Grapefruit’s products, including but not limited to Grapefruit’s flagship Hourglass(TM) THC/cannabinoid time-release delivery cream. “As we have stated before, a joint venture may precede without precluding an acquisition,” said Grapefruit CEO Bradley J. Yourist. “Development of the Hourglass’ MOU to both manufacture and distribute Hourglass into Canada has moved the entire process forward as we now more clearly understand each other’s overall goals and priorities as well as the capital requirements and legal, regulatory and logistical challenges of finalizing a joint venture and/or an acquisition. We expect to bring the process forward to the point of making a decision in the next 60–90 days. Once again, that being said, we wish to emphasize that the discussions reported here, although largely positive remain preliminary in nature and may be terminated at any time. Grapefruit will update the public as necessary on any material joint venture or acquisition developments 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
(0)
(0)