What's Going On With Grapefruit USA?
Grapefruit USA (GPFT) stock rose on Monday after the company announced it's expanding its hemp-based CBD products with a CBD pet tincture designed to aid anxiety band joint pain in cats and dogs. Shares of the company were trading higher 1.12% to $0.070 a share on Monday.
What Does This Mean For Grapefruit USA?
Grapefruit’s new Pet 300 mg CBD hemp-based tincture is made from USDA Certified Organic hemp that's exclusively grown in the United States. More and more pet owners are looking to CBD products to help their pets, which might explain why Brightfield Group pegged the industry at a market valuation of over $1.7 billion by 2025. Moreover, the global CBD pet market size was valued at USD$27.7 million in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 40.3% from 2020 to 2027. The increasingly mainstream understanding of cannabis, especially among pet owners, and consumers’ predilection for natural pet supplements have led to major growth.
“We understand that pet owners are now demanding organic, plant-based, natural remedies to keep their furry family members calm and in good health, and avoid the potential negative side-effects of generic, synthetic pet medications,” said Bradley Yourist, co-founder and CEO of GPFT. Adding, “Grapefruit’s new Pet CBD Tincture meets that pet-owner market demand because it is derived from hemp grown right here in the U.S. and each batch is lab tested for purity.”
Grapefruit USA, Inc. focuses on manufacturing and distribution of cannabis distillates, edibles, and cannabis products. It also offers cannabis advisory services for branding, compliance, packaging, extraction, edible manufacturing, and distribution logistics efforts.
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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 laboratory 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 California cannabis licenses in January of 2018 and commenced distribution of cannabis products thereafter. The company's vision is to become a seed-to-sale, fully vertically integrated ethical and compliant cannabis and CBD product company.
