NetworkNewsBreaks – Grapefruit USA Inc. (GPFT) A
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Posted On: 03/08/2021 3:38:03 PM
NetworkNewsBreaks – Grapefruit USA Inc. (GPFT) Announces Update on Informal Acquisition Inquiry
Grapefruit USA (OTCQB: GPFT), a premiere, fully licensed California-based cannabis company, today released a further update on its recent announcement that it has been approached by a Canadian cannabis company (the “Canadian Partner”) to enter into discussions concerning a potential acquisition transaction and joint venture to manufacture, distribute and market Grapefruit’s products, specifically Grapefruit’s patented Hourglass(TM) THC/Cannabinoid time-release delivery cream throughout Canada. “We were recently informed by the Canadian Partner that it has duly noticed a shareholder’s meeting for early April 2021, at which it will, among other matters, consider and potentially seek approval of the potential joint venture and/or acquisition and intends immediately thereafter to seek finalization of the terms of the joint venture and further detailed discussions on a related acquisition,” said Grapefruit CEO Bradley J. Yourist. “Grapefruit is pleased that the Canadian Partner has chosen this course of action as it provided us with objective evidence of their bona fides. As we stated before, the joint venture may precede without precluding an acquisition as we continue to take steps to ascertain and evaluate the capital requirements and various legal, regulatory and logistical challenges of finalizing a joint venture and/or the related acquisition. 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, today released a further update on its recent announcement that it has been approached by a Canadian cannabis company (the “Canadian Partner”) to enter into discussions concerning a potential acquisition transaction and joint venture to manufacture, distribute and market Grapefruit’s products, specifically Grapefruit’s patented Hourglass(TM) THC/Cannabinoid time-release delivery cream throughout Canada. “We were recently informed by the Canadian Partner that it has duly noticed a shareholder’s meeting for early April 2021, at which it will, among other matters, consider and potentially seek approval of the potential joint venture and/or acquisition and intends immediately thereafter to seek finalization of the terms of the joint venture and further detailed discussions on a related acquisition,” said Grapefruit CEO Bradley J. Yourist. “Grapefruit is pleased that the Canadian Partner has chosen this course of action as it provided us with objective evidence of their bona fides. As we stated before, the joint venture may precede without precluding an acquisition as we continue to take steps to ascertain and evaluate the capital requirements and various legal, regulatory and logistical challenges of finalizing a joint venture and/or the related acquisition. 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
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