Grapefruit USA, Inc. (OTCPK:GPFT) acquired 51% stake in Summit Boys, Inc. from one of founders for $0.2 million in August 2021. The consideration was paid in a stock-for-stock transaction whereby Grapefruit USA issued 4.55 million shares.

Grapefruit USA, Inc. (OTCPK:GPFT) completed the acquisition of 51% stake in Summit Boys, Inc. from one of founders in August 2021. Grapefruit will be continuing the Summit Boys' business without interruption.