Grapefruit USA (OTCQB: GPFT), a California-based cannabis company, has partnered with SRAX Inc. (NASDAQ: SRAX), an investor relations and communications marketing firm, to strengthen its brand and product line as well as increase awareness of its new e-commerce site and related affiliate program. In the announcement Grapefruit cited SRAX’s novel data-driven approaches to marketing and the company ability to create awareness of stock as key factors in its decision. In addition, the company has filed its quarterly report for the period ended March 31, 2021. The report included disappointing numbers for the company, including net revenues of $350,815, a decrease of 10% over revenues of $393,559 for the three months ended March 31, 2020. In the announcement, the company pointed to a strong cannabis harvest in fourth-quarter 2020 and early 2021 cannabis as a contributing factor behind the reduction in revenues, noting that the harvest drove down wholesale cannabis prices and limited the profitability of GPFT’s distribution and trading operations. As a result, Grapefruit limited distribution and trading efforts, focusing more on improving upon and launching its Hourglass products. The company anticipates those efforts will result in significantly higher Hourglass-related revenues through the remaining quarters of 2021 and into 2022. GPFT also expects is newly launched ecommerce site and affiliate program to fuel the company’s revenues moving forward. “We are obviously dissatisfied with the small revenue decrease year over year for the first quarter,” said Grapefruit CEO Bradley J. Yourist in the press release. “However, we adjusted by decreasing our less-profitable distribution and trading activities, which we can switch on at a moment’s notice when the seasonal aspect of the wholesale cannabis business adjusts, and profitable distribution and trading opportunities present themselves during the remainder of the year as they inevitably do. Furthermore, as our wholesale and retail Hourglass THC/cannabinoid and THC-free hemp derived CBD products sales take off in the remainder of 2021 and beyond, the increased revenues they generate will mitigate the overall revenue impact of the seasonality of the distribution and trading operations. Getting to that point as quickly as possible is one of our primary goals, and as we always do, we will attain it in the near future.”
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About Grapefruit USA Inc.
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, California. To find out more about the company, please visit www.GrapefruitBlvd.com.
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