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May 25, 2021 in Los Angeles, California and Desert Hot Springs (GLOBE NEWSWIRE)-Via InvestorWire- American Pomelo Company, (“GPFT”, “Grapefruit” or “Company”) (OTCQB:GPFT) A California-based cannabis company announced that in its quarterly report on Form 10-Q for the three months ending March 31, 2021 (a report filed with the SEC on May 24, 2021), the company reported Net income was US$350,815, a decrease of 10% for the three months ended March 31, 2020, and revenue was a percentage of more than US$393,559. The decline in revenue was due to the very strong cannabis harvest in the fourth quarter of 2020 and early 2021, which greatly reduced the wholesale price of cannabis and limited our distribution profitability and trading business. Therefore, the company has prudently restricted such activities and focused more on improving and releasing its hourglass products, which will lead to a significant increase in hourglass-related revenue from the last three quarters of 2021 to 2022. Please refer to the company’s table 10-Q on pages 3-6 and 19-21 for the company’s operating results.
Regarding Grapefruit’s report for the first quarter of 2021, Grapefruit CEO Bradley J. Yourist said: “We are obviously not satisfied with the slight year-on-year decline in revenue in the first quarter. However, we have reduced the less profitable distribution and trading activities Adjustments have been made. When the wholesale cannabis business adjusts for seasonal changes, we can immediately open it, and profitable distribution and trading opportunities will inevitably appear in the remaining years. In addition, our wholesale and retail hourglass THC/cannabinoid and Sales of THC-free hemp-derived CBD products will take off in 2021 and beyond, and the increased revenue they generate will reduce the seasonal impact of distribution and trade activities on overall revenue. And we will continue to achieve our main goals The goal, we will achieve this goal in the near future. The glass series products should assure our customers and shareholders in terms of bioavailability and time release characteristics that Yuzu will become one of the world’s leading fully integrated cannabis companies. We also I hope to open our e-commerce website recently and introduce our membership program to quickly start Hourglass hemp-derived CBD product revenue. Since hourglass is the future of hemp, a quarter of it is caused by factors that are largely out of our control The middle income will not derail us.”
To learn more about grapefruit, please visit InvestorBrandNetwork:
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To purchase grapefruit breakthrough CBD delivery cream, please visit:
https://hourglassonlinestore.com/
To learn more about Grapefruit’s new sustained release Hourglass™ THC + Cannabis Bureau Partial Delivery Cream, please watch this promotional video https://www.youtube.com/watch?v=6cU9MJMgH1w&feature=youtu.be And visit our website:
https://grapefruitblvd.com/hourglass/
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About grapefruit
Grapefruit’s corporate headquarters are located in Westwood, Los Angeles, California. Grapefruit holds California’s license and license to manufacture and distribute cannabis products in the Golden State. The grapefruit extraction laboratory and manufacturing and distribution facilities are located in the industry-recognized Coachillin Industrial Plantation and Auxiliary Canna Business Park in the Desert Hot Springs area, located on the extension of North Canyon Road, about 14 miles north of downtown Palm Springs. For more information about grapefruit and its operations, please visit the company website: https://grapefruitblvd.com/.
Safe Harbor Statement
Grapefruit warns that any statements contained in this press release that do not describe historical facts are forward-looking statements. Many of these forward-looking statements contain “expects”, “believes”, “estimates”, “possibly”, “intends”, “expects” and similar expressions. Actual results, performance or achievements may differ materially from those expected, expressed or implied by the forward-looking statements contained in this article. These forward-looking statements are mainly based on the company’s expectations and are subject to many risks and uncertainties inherent in the grapefruit business, including but not limited to: the company may never obtain the additional funds needed to support its business development and growth. Plan; and the company may never achieve market success to achieve or maintain a profitable business. In addition, there are risks and uncertainties associated with economic recession or terrorist actions, competition from larger cannabis companies, unexpected costs and delays, potential product liability claims, and many other factors. The company’s filings with the US Securities and Exchange Commission, including the company’s annual report (Form 10-K) and the company’s quarterly report (Form 10), provide more detailed information on grapefruit and risk factors that may affect the realization of forward-looking statements. information. -Q (as of March 31, 2021) and its registration statement on Form S-1/A. These documents can be read for free on the SEC website at: www.sec.gov. We remind you not to rely too much on these forward-looking statements, which are only as of the date of publication of this article. This warning statement fully defines all forward-looking statements, and Grapefruit has no obligation to modify or update this press release to reflect events or circumstances that occur after the date of this press release. This warning was made in accordance with the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995.
Investor Relations Contact:
Bradley Yourist
ir@grapefruitblvd.com
18776 Blue Dream Crossing, Unit LL1 53-07
California Desert Hot Springs 92240
(760) 205-1382
https://grapefruitblvd.com/
Please note that our social media accounts may be used for other important events from time to time. They can be found here:
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Corporate Communication:
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