LOS ANGELES and DESERT HOT SPRINGS, Calif., Nov. 18, 2021 (GLOBE NEWSWIRE) — via InvestorWire — Grapefruit USA, Inc. (OTCQB: GPFT) (“Grapefruit” or the “Company”), a premiere California-based cannabis and hemp company, is clarifying the recent sale of stock by company executives. The Company’s executives do not take a salary. Several years ago, they elected to be compensated with the Company’s common stock. The executives favor equity compensation because it is the ultimate incentive to ensure that their interests are fully aligned with the interests of company shareholders – the success of Grapefruit. This form of compensation is also a deliberate management strategy to preserve company cash flow to ensure that it is invested in those projects that are devoted to growing the Company. The sale of all stock takes place under a blind trust agreement pursuant to the provisions of SEC Rule 10b5-1 (“10b5 Sales Plan”). Under a 10b5 Sales Plan, executives have no control over the details of any stock transaction. All sales are executed by experienced professional stock traders who have been instructed to execute trades in a manner which will minimize price volatility. 10b5 Sales Plans are a common regulatory procedure used by corporate executives, such as Elon Musk, Bill Gates, etc., to sell publicly traded common stock. The 10b5 Sales Plan ensures that all sales of company stock are not based on, or otherwise because of, material nonpublic or “inside” information. The company then discloses the stock transaction to the public, affording full and complete transparency. Company executives are fully invested in the long-term success of Grapefruit and for its loyal shareholder base.
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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. To obtain further information on Grapefruit and its operations, please visit the Company’s website at https://grapefruitblvd.com/.
Safe Harbor Statement
Grapefruit cautions that any statement included in this press release that is not a description of historical facts is a forward-looking statement. Many of these forward-looking statements contain the words “anticipate,” “believe,” “estimate,” “may,” “intend,” “expect” and similar expressions. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties inherent in Grapefruit’s business, including, without limitation: the Company may not ever obtain additional funds necessary to support its business development and growth plans; and the Company may not ever achieve the market success to reach or sustain a profitable business. In addition, there are risks and uncertainties related to economic recession or terrorist actions, competition from much larger cannabis companies, unexpected costs and delays, potential product liability claims, and many other factors. More detailed information about Grapefruit and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K, its Quarterly Report on Form 10-Q for the period ended Sept. 30, 2020, and its Registration Statement on Form S-1/A. Such documents may be read free of charge on the SEC’s website at www.sec.gov. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, and Grapefruit undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. This caution is made under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995.
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