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.”
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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 www.GrapefruitBlvd.com.
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