What’s going on with Grapefruit USA?
Grapefruit USA, Inc. (GPFT), a California-based cannabis company, voiced strong support for the potential enactment of the Cannabis Administration and Opportunity Act, a federal bill that was released to the public by three U.S. senators on July 14.
The law, still under discussion, would effectively legalize the consumption of cannabis at the federal level by removing it from the federal list of controlled substances. GPFT stock fell 10.26% and was trading at $ 0.04 per share on Monday afternoon.
What does this mean for GPFT?
“Grapefruit enthusiastically supports the efforts of Senators Schumer, Wyden and Booker to revive the long-awaited removal of cannabis from the federal controlled substances list,” said Bradley J. Yourist, co-founder and CEO of Grapefruit. “Adopting ACT will accelerate our ability to deliver Grapefruit’s patented and revolutionary Hourglass THC + cannabinoid release cream to all Americans whose states or territories of residence have legalized cannabis at the state or national level. territory, giving them the opportunity to reap the benefits of Hourglass’ full-spectrum entourage experience.
“Once ACT, as outlined in the discussion draft, becomes law, grapefruit customers across the country will be able to purchase either a THC-free CBD extended-release delivery cream derived from hemp or a spectrum delivery. Hourglass Complete THC + Cannabinoid Sustained Release or any combination thereof as desired. In addition, these premium Grapefruit Hourglass products are only available from Grapefruit or its authorized intermediaries. We believe that the adoption of ACT, as presented in the draft discussion, will be of profound benefit to Grapefruit and its shareholders, as well as to the American public, ”added Yourist.
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Imaging3 Inc, through its wholly owned subsidiary, Grapefruit Boulevard Investments Inc, holds California permits and licenses to manufacture and distribute cannabis products. The company’s cannabis and CBD extraction lab and distribution facilities are located in the Coachillin ‘Industrial Cultivation and Ancillary Canna-Business Park in Desert Hot Springs, approximately 10 miles north of downtown Palm Springs . The company’s subsidiary obtained its cannabis licenses in California in January 2018 and began distributing cannabis products thereafter. The company’s vision is to become a fully vertically integrated, ethical and compliant cannabis and CBD products company from seed to sale.