InvestorNewsBreaks - Grapefruit USA Inc. (GPFT) Issues Statement on Senators Proposed Act to Legalize Cannabis Grapefruit USA (OTCQB: GPFT), a premiere California-based cannabis and hemp company, has noted its position on the potential enactment of the Cannabis Administration and Opportunity Act. Senators Chuck Schumer (D-NY), Ron Wyden (D-OR) and Cory Booker (D-NJ) released a discussion draft of the act on July 14, 2021. As presented, the act would remove cannabis from the federal list of controlled substances, making cannabis use legal at the federal level. According to the company’s announcement, the act also enables states to implement their own adult-use recreational cannabis laws. Almost 20 states have already done that, including California, where Grapefruit is currently operating; in addition the District of Columbia, the northern Marianas Islands and Guam have adult-use cannabis laws. Even more states — 37 in total — have laws legalizing medical-use prescribed cannabis use. The summary of the discussion draft of the act states that more than 90% of Americans believe cannabis should be legal for adult recreational and medical use. “Grapefruit enthusiastically supports the efforts of Senators Schumer, Wyden and Booker to jumpstart the long-awaited removal of cannabis from the federal list of controlled substances,” said Grapefruit co-founder and CEO Bradley J. Yourist. “Passage of the ACT will accelerate our ability to offer Grapefruit’s patented, disruptive Hourglass(TM) time-release THC+cannabinoid delivery cream to all Americans whose states or territories of residence have legalized cannabis at the state or territorial level, thereby affording them the ability to enjoy the benefits of the Hourglass full-spectrum entourage experience. Once the ACT, as described in the discussion draft becomes law, Grapefruit customers throughout the country will be able to purchase either non-THC hemp derived Hourglass time-release CBD delivery cream or THC+cannabinoid Hourglass time-release full-spectrum delivery or any combination thereof as they desire. Furthermore, these superior, breakthrough Grapefruit Hourglass products are only available from Grapefruit or its authorized intermediaries. We believe passage of the ACT, as presented in the discussion draft, will be profoundly beneficial to Grapefruit and its shareholders, as well as to the American public.”
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