NetworkNewsBreaks – Grapefruit USA Inc. (GPFT) Announces Update Regarding Informal Acquisition Inquiry, Development of MOU for Potential Joint Venture
Grapefruit USA (OTCQB: GPFT), a premiere, fully licensed California-based cannabis company, today updated its recent announcement that it has been approached by a Canadian cannabis company to enter into discussions concerning a potential acquisition transaction. The discussions have evolved to include development of a memorandum of understanding (“MOU”) that sets forth terms under which the parties could enter into a joint venture to jointly manufacture, distribute and market Grapefruit’s products. These include, but are not limited to, Grapefruit’s patented disruptive Hourglass(TM) THC/Cannabinoid time-release delivery cream throughout Canada. “As previously announced, Grapefruit is not surprised that we have been approached concerning…