LOS ANGELES and DESERT HOT SPRINGS, Calif., Oct. 13, 2021 (GLOBE NEWSWIRE) -- via InvestorWire -- Grapefruit USA, Inc. (OTCQB: GPFT) ("Grapefruit" or the "Company"), a premiere California-based cannabis and hemp company, is pleased to announce it has entered into a formal collaboration with Canadian companies 6PAK Solutions Inc. and Medz Cannabis, Inc., 6PAK's partner and license holder, to bring Grapefruit's patented Hourglass™ Time Release THC+CBD Delivery Topical Relief Cream to market throughout Canada. The formal collaboration agreement cements the strategic alliance with 6PAK Solutions Inc., a well-respected Canadian cannabis manufacturer and arm of ATG Pharma Inc.
As part of this new strategic alliance, Grapefruit will file its Notice of New Cannabis Product, or "NNCP," with Health Canada detailing the Hourglass production process, including integration of the patented Z-Pod Xerogel Silica Gel technology into the Hourglass topical delivery cream system. Upon approval of the Hourglass NNCP by Health Canada, Grapefruit intends to launch multiple products that incorporate its patented Hourglass™ Time Release THC+CBD Delivery Cream across Canada, targeting the second quarter of 2022. Under the collaboration agreement, Medz Cannabis will act as Grapefruit's licensed Canadian distributor and will obtain wide distribution and approval of cannabis products incorporating Grapefruit's Hourglass™ throughout Canada.
The Company believes its Hourglass™ delivery cream system is a truly disruptive technology that has fundamentally changed the way humans can ingest THC and other cannabinoids to obtain their unique holistic benefits. A simple application of Grapefruit's Hourglass™ cream is all that is needed for Grapefruit's users to obtain the full-body entourage effects and related relief of THC and a wide array of other beneficial cannabinoids. This can eliminate the necessity for cannabis users to engage in the proven unhealthy activities of smoking cannabis flowers or extracts and/or consuming edibles. The disruptive Hourglass delivery system enables humans, for the first time, to effectively ingest a variety of cannabis products in an exclusively healthy fashion.
Furthermore, and most importantly, Grapefruit has been the exclusive licensee of the Z-Pod Xerogel Silica Gel for cannabis products in North America for the past two years and will remain so for the foreseeable future. As a result, only Grapefruit possesses both the legal right and the know-how to manufacture the Hourglass™ time-release delivery cream from the Xerogel Gel. Only Grapefruit-approved retailers can sell cannabis products incorporating the Hourglass™ time-release delivery cream in the United States, Canada and Mexico.
Finally, Hourglass TM enables people to enjoy the many benefits of cannabis-based products without suffering the harmful negative side effects of smoking flowers or extracts and/or consuming edibles. Simply put, Hourglass is the standard for healthy cannabis delivery.
Bradley J. Yourist, Grapefruit's CEO and co-founder, commented, "We are very pleased to have entered into the formal agreement with 6PAK and its licensed partner Medz Cannabis to cement our strategic alliance and immediately move forward with obtaining Canadian regulatory approval to bring Grapefruit's patented time-release THC+CBD topical delivery cream to all Canadians. As I have stated before, 6PAK Solutions' expertise in this area is unrivaled and assures Grapefruit will bring a fully compliant cannabis product to market in Canada. 6PAK is also a subsidiary of ATG Pharma, Inc., a leader in regulatory compliant filling and packaging for the cannabis industry in Canada, so we are in good hands indeed. Our team looks forward to working with Chris Shar and his team in the coming weeks to achieve our corporate goal of introducing Hourglass™ across the entire nation of Canada in the second quarter of 2022. We expect this experience in Canada will be make it easier for Grapefruit to replicate the process in the United States when cannabis is finally de-scheduled from the list of U.S. federally controlled substances."
"With our strong roots in the Canadian market and service-focused approach, we are proud to move forward with Grapefruit so they can take advantage of our platform to bring Hourglass and its innovative THC+CBD topical cream to the Canadian consumer," commented Chris Shar, co-founder of 6PAK Solutions Inc.
Yourist went on to remind the public: "Grapefruit would also like to eliminate any potential confusion among our shareholders and the investing public by emphasizing that the strategic alliance discussed in this press release is completely independent of our previously announced discussions concerning an acquisition transaction and/or joint venture with a separate and distinct Canadian partner. Those discussions continue to proceed separately from the 6PAK NNCP initiative, and the Company will report on developments in that arena in real time."
To purchase Grapefruit's groundbreaking CBD delivery relief cream (outside of Canada), please visit: https://hourglassonlinestore.com/
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: https://grapefruitblvd.com/hourglass/
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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, 2021, 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. Readers 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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