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    GPFT   US3885981049

GRAPEFRUIT USA, INC.

(GPFT)
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GRAPEFRUIT USA, INC : Entry into a Material Definitive Agreement (form 8-K)

10/15/2021 | 04:34pm EST

Item 1.01 Entry into Material Definitive Agreements

On October 7, 2021, the Company entered into a Collaboration Agreement with Canadian companies 6PAK Solutions Inc. and Medz Cannabis, Inc., 6PAK's partner and license holder, to bring Grapefruit's patented Hourglass™ Time Release THC+CBD Delivery Topical Relief Cream to market throughout Canada. Under the agreement, Grapefruit will file its Notice of New Cannabis Product, or "NNCP," with Health Canada detailing the Hourglass production process, including integration of the patented Z-Pod Xerogel Silica Gel technology into the Hourglass topical delivery cream system. Upon approval of the Hourglass NNCP by Health Canada, Grapefruit intends to launch multiple products that incorporate its patented Hourglass™ Time Release THC+CBD Delivery Cream across Canada. Additionally, Medz Cannabis will act as Grapefruit's licensed Canadian distributor and will obtain wide distribution and approval of cannabis products incorporating Grapefruit's Hourglass™ throughout Canada.



Item 9.01 Exhibits


Exhibit 1.01 Collaboration Agreement

104          Cover Page Interactive Data File (embedded within the Inline XBRL
             document)




2

© Edgar Online, source Glimpses

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Financials (USD)
Sales 2020 3,67 M - -
Net income 2020 -4,06 M - -
Net Debt 2020 4,74 M - -
P/E ratio 2020 -8,50x
Yield 2020 -
Capitalization 16,6 M 16,6 M -
EV / Sales 2019 85,7x
EV / Sales 2020 13,0x
Nbr of Employees -
Free-Float 46,6%
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Managers and Directors
Bradley J. Yourist Chief Executive Officer & Director
Kenneth J. Biehl Chief Financial Officer & Executive VP
Daniel J. Yourist Chief Operating Officer, Secretary & Director
Sharon Boddie Director
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