What is going on with GPFT?
Grapefruit USA, Inc. (GPFT) today announced that on September 10, 2021, the company closed on the acquisition of a controlling interest in California-based Summit Boys, Inc. from one of Summit Boys’ founders in a stock-for-stock transaction valued at $250,000.
Grapefruit is a cannabis company which holds California permits and licenses to both manufacture and distribute cannabis products in the Golden State. Shares of GPFT increased 3.69% as of Wednesday at 11:25am.
What does this mean for Grapefruit?
Grapefruit's acquisition of Summit Boys will add to the company's wide array of products in its existing cannabis portfolio. Currently, Summit Boys manufactures cannabis extracts that include sugar, crumble, badder, live resin, diamonds, budder, sauce, caviar and other extracted cannabis products.
Summit Boys' products are currently placed in hundreds of licensed dispensaries throughout California, including in well-known cannabis retail dispensaries such as Cookies and Stiiizy. Through the agreement, Summit Boys will now have access to a larger distribution network and capital to expand its footprint into multiple states.
Bradley J. Yourist, Grapefruit CEO, commented, “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."
"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.”
Additionally, all Summit Boys revenues will henceforth be consolidated with Grapefruit’s financial statements.
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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.