Grapefruit USA, Inc. Accepts Outside Director's Resignation

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LOS ANGELES/DESERT HOT SPRINGS, Calif., March 10, 2021 (GLOBE NEWSWIRE) — via InvestorWire – Grapefruit USA, Inc. (OTCQB:GPFT) (“Grapefruit” or the “Company”), a premiere, fully licensed California-based cannabis company, announces the resignation of John M. Hollister. Mr. Hollister served as the Company's CEO prior to its reverse acquisition by Grapefruit Boulevard Investments, Inc. and its transition from a developer of 3D imaging to fully licensed manufacturer and distributor of cannabis products, including its patented, disruptive Hourglass™ time release THC/Cannabinoid delivery cream. Mr. Hollister's resignation was triggered in part by California's diversity requirements for boards of directors.

Mr. Hollister's departure marks the end of any involvement of the 3D management team in the affairs of the Company. Mr. Hollister's failure after two years to obtain the financing required for the Company to effectuate the March 22, 2019, Assets and Operations Divestiture Agreement by and between the Company and previous management left the Company with no choice but to abandon that plan, under the terms of which members of prior management would have formed a new company through which to operate the imaging business. In November 2020, current management took steps to secure the patent underlying the 3D imaging technology to the Company and, on Nov. 19, 2020, US Patent #7317819B2 was assigned to the Company. It remains in active status, and its adjusted expiration date is Aug. 28, 2024. Having thusly secured the patent to the Company, current management is exploring all possible avenues to maximize the value of the patented technology to the benefit of the Company and its shareholders.

Bradley J. Yourist, Grapefruit CEO, commented, “We are pleased that the previous chapter of the Imaging3/Grapefruit saga has come to an amicable conclusion. While we, of …

Full story available on Benzinga.com

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