Grapefruit USA Inc (GPFT)

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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:

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/