Grapefruit USA, Inc. Acquires Controlling Interest in Summit Boys, Inc. of Monterey, Calif., in Stock-for-Stock Exchange
September 15th, 2021
LOS ANGELES and DESERT HOT SPRINGS, Calif., Sept. 15, 2021 (GLOBE NEWSWIRE) — via InvestorWire — Grapefruit USA, Inc. (OTCQB: GPFT) (“Grapefruit” or the “Company”), a premiere, fully licensed California-based cannabis company, today announces that on Friday, Sept. 10, 2021, the Company closed on the acquisition of a controlling interest in Monterey, California-based Summit Boys, Inc. (“Summit Boys”) from one of Summit Boys’ founders in a stock-for-stock transaction valued at $250,000, based on GPFT’s Sept. 10, 2021, closing price. All Summit Boys revenues will henceforth be consolidated with Grapefruit’s financial statements.
Summit Boys is very well recognized as a premium extracts brand that manufactures high-quality products in California. These cannabis extracts include sugar, crumble, badder, live resin, diamonds, budder, sauce, caviar and other extracted cannabis products, which are currently placed in hundreds of licensed dispensaries throughout California, including in well-known and popular cannabis retail dispensaries such as Cookies and Stiiizy, and are protected by United States of America Trademark Reg. No. 6406802, July 6, 2021.
Bradley J. Yourist, Grapefruit CEO, commented, “Summit Boys is a highly respected extracts brand in the California cannabis market, and we are very pleased with the completion of this transaction, pursuant to which Grapefruit has been able to use its common stock as a currency to acquire a value-added, cash-producing asset for its portfolio. This is a model that we hope to replicate many times to complement the revenue growth derived from our disruptive, patented Hourglass THC/Cannabinoid delivery cream.”
Michael Larson, founder of Summit Boys, commented, “We are a multiple award-winning cannabis extract company from California. I am beyond excited to work with Grapefruit going forward. We now have access to a larger distribution network and capital to expand Summit Boys’ footprint into multiple states. This transaction really benefits our customers and I cannot wait to see the results! Summit Boys has become a staple in cannabis extracts and will continue to produce industry-leading products. Now, we believe the Grapefruit connection affords tremendous growth potential.”
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/
To learn more about Summit Boys and its products, please visit: https://weedmaps.com/brands/summit-boys
For investor information, please visit our website at: https://grapefruitblvd.com/investor-relations/
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 for the year ended Dec. 31, 2021, its quarterly report on Form 10-Q for the period ended June 30, 2021, and its registration statement on Form S-1 filed on Aug. 23, 2021. 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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