Monday, 27 September 2021 04:33 GMT

CannabisNewsBreaks Grapefruit USA Inc. (GPFT) Acquires Controlling Interest in Monterey-Based Summit Boys Inc.


(MENAFN- Investor Brand Network) Grapefruit USA (OTCQB: GPFT) , a premiere, fully licensed California-based cannabis company, today announced that on Friday, Sept. 10, 2021, it closed on the acquisition of a controlling interest in Summit Boys Inc., a Monterey, California-based premium extracts brand that manufactures high-quality products. The acquisition from one of Summit Boys' founders took place in a stock-for-stock transaction valued at $250,000, based on GPFT's Sept. 10 closing price. Henceforth, all Summit Boys revenues will be consolidated with Grapefruit's financial statements.“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,” said Bradley J. Yourist, Grapefruit CEO.“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.”

To view the full press release, visit 

About Grapefruit USA Inc.

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. For more information about the company, visit  .

NOTE TO INVESTORS: The latest news and updates relating to GPFT are available in the company's newsroom at 

Grapefruit USA (OTCQB: GPFT) , a premiere, fully licensed California-based cannabis company, today announced that on Friday, Sept. 10, 2021, it closed on the acquisition of a controlling interest in Summit Boys Inc., a Monterey, California-based premium extracts brand that manufactures high-quality products. The acquisition from one of Summit Boys' founders took place in a stock-for-stock transaction valued at $250,000, based on GPFT's Sept. 10 closing price. Henceforth, all Summit Boys revenues will be consolidated with Grapefruit's financial statements.“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,” said Bradley J. Yourist, Grapefruit CEO.“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.”

To view the full press release, visit 

About Grapefruit USA Inc.

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. For more information about the company, visit  .

NOTE TO INVESTORS: The latest news and updates relating to GPFT are available in the company's newsroom at 

About CannabisNewsWire

CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today's market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

To receive SMS text alerts from CannabisNewsWire, text“CANNABIS” to 21000 (U.S. Mobile Phones Only)

For more information please visit 

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW, wherever published or re-published: 

Do you have questions or are you interested in working with CNW? Ask our Editor

CannabisNewsWire (CNW)
Denver, Colorado

303.498.7722 Office

CannabisNewsWire is part of the InvestorBrandNetwork .

MENAFN15092021000224011066ID1102804027


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.