Grapefruit USA Inc (GPFT)

[mr_sano]

From September 10Q:

“
Revenue for the three months ended September 30, 2021 was $153,476 compared to $1,306,201 for the corresponding period in 2020, a decrease of $1,152,725 or 88.3%. This decrease in revenue is primarily due to the fact that there was a very strong cannabis crop in the last quarter of 2020, which drove down wholesale cannabis prices significantly and limited the profitability of our distribution and trading operations. The Company expects such cyclical revenue deviations to be mitigated in 2021 and following years by a significant growth of revenue from our HourGlass products, which will be unaffected by these cyclical events.”

So management blames a bumper crop in the last Q of 2020 as a reason for a 88% decline in sales that continued through 3Q 2021! Logic has left the building!