GlobeNewswire Inc | May 18, 2021 06:00AM EDT

May 18, 2021

LOS ANGELES and DESERT HOT SPRINGS, Calif., May 18, 2021 (GLOBE NEWSWIRE) -- via InvestorWire Grapefruit USA, Inc. (OTCQB: GPFT) (Grapefruit or the Company), a diversified California-based cannabis and hemp company, today announces it has commenced accepting cryptocurrency as payment at its recently launched e-commerce store: www.hourglassonlinestore.com

Grapefruits customers who prefer to use Bitcoin, Ether, Bitcoin Cash, Litecoin, Dogecoin or Monero will now be able to convert their crypto of choice at checkout to make purchases at the Companys new e-commerce store.

With respect to the Companys novel acceptance of cryptocurrencies, Bradley J. Yourist, GPFT CEO, commented, Grapefruits THC-free hemp-derived CBD Hourglass technology-driven products, just like cryptocurrencies and the blockchain, are the future, and Grapefruits acceptance of crypto as payment demonstrates GPFTs outreach to the explosively growing demographic of crypto early adopters and other younger buyers who also seek the holistic benefits of Grapefruits THC-free, hemp-derived Hourglass time-release CBD products. Everyone, young and old, experiences sore muscles from working out and other aches and pains, and our THC-free hemp-derived CBD Hourglass-powered products can provide a solution for all demographics whether they choose to pay by American Express Platinum or Dogecoin on our accurate and secure payment platform. We envision the days after Sen. Schumer succeeds in his efforts to decriminalize THC and customers from the 50 states and throughout the world will be able to use crypto to pay for purchases of our full-spectrum THC Hourglass time-release technology-powered products through our e-commerce platform.

Grapefruit is devoted to selling only the highest-quality, plant-based, independently tested and reliable cannabis and hemp products and will make no claims unless clinically validated. All of Grapefruits THC-free hemp-derived CBD-based products to be marketed and sold on the new e-commerce website will be thoroughly tested and include a QR coded certificate of analysis, which will provide consumers with a complete list of third-party-verified ingredients certifying each products cannabinoid content, purity and safety. The Company does not recommend investing in cryptocurrencies without doing your own due diligence and obtaining the advice of an investment advisor or other counsel.

To learn more about the new Grapefruit Affiliate Program, please visit: https://hourglassonlinestore.com/affiliates/

To learn more about the new e-commerce store, please visit: https://hourglassonlinestore.com/

To learn more about Grapefruit, please visit InvestorBrandNetwork: https://www.investorbrandnetwork.com/clients/grapefruit-usa-inc/

To learn more about Grapefruits new sustained-release Hourglass THC + Cannabinoid Topical Delivery Cream, please watch this promotional video, https://www.youtube.com/watch?v=6cU9MJMgH1w&feature=youtu.be, and visit our website at https://grapefruitblvd.com/hourglass/.

To learn more about Grapefruit, please visit our website at: https://grapefruitblvd.com/investor-relations/

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About GRAPEFRUIT

Grapefruits 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. Grapefruits 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 Companys 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 Grapefruits 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 Companys filings with the Securities and Exchange Commission, including the Companys Annual Report on Form 10-K, its Quarterly Report on Form 10-K for the period ended Dec. 31, 2020, and its Registration Statement on Form S-1/A. Such documents may be read free of charge on the SECs website at www.sec.gov. Readers 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.

*The statements made regarding these products have not been evaluated by the Food and Drug Administration. The efficacy of these products has not been confirmed by FDA-approved research. These products are not intended to diagnose, treat, cure or prevent any disease. All information presented here is not meant as a substitute for or alternative to information from healthcare practitioners. Please consult your healthcare professional about potential interactions or other possible complications before using any product. The Federal Food, Drug, and Cosmetic Act requires this notice.

Investor Relations Contact:Bradley Youristir@grapefruitblvd.com18776 Blue Dream Crossing, Unit LL1 53-07Desert Hot Springs, California 92240(760) 205-1382 https://grapefruitblvd.com/

Please be aware that our social media accounts can be used from time to time for additional material events. They can be found here:

Grapefruit USA:Facebook: https://www.facebook.com/Grapefruit-Boulevard-2304698596251925/Instagram: https://www.instagram.com/grapefruit_usa/Twitter: https://twitter.com/grapefruitusaLinkedIn: https://www.linkedin.com/company/grapefruit-boulevard/Weedmaps: https://weedmaps.com/brands/grapefruit

Corporate Communications:InvestorBrandNetwork (IBN)Los Angeles, Californiawww.InvestorBrandNetwork.com310.299.1717 OfficeEditor@InvestorBrandNetwork.com