What is going on with GPFT?
Grapefruit USA (GPFT) stock fell today after the cannabis and hemp company announced it has started to accept cryptocurrency as payment at its recently launched e-commerce store. Grapefruit produces and sells THC-free hemp-derived CBD-based products on their online site Hour Glass Online.
Shares of GPFT decreased 0.25% as of Tuesday at 9:57am.
What does this mean for Grapefruit?
Grapefruit’s decision to accept all cryptocurrencies, along with traditional payment methods, is an effort by the company to broaden their outreach to all age groups – especially younger adults who are more likely to use crypto.
Bradley J. Yourist, Grapefruit CEO, commented, “Grapefruit’s THC-free hemp-derived CBD Hourglass technology-driven products, just like cryptocurrencies and the blockchain, are the future, and Grapefruit’s acceptance of crypto as payment demonstrates GPFT’s outreach to the explosively growing demographic of crypto early adopters and other ‘younger’ buyers who also seek the holistic benefits of Grapefruit’s THC-free, hemp-derived Hourglass time-release CBD products.”
The company also stated that they looked forward to the day when crypto was fully decriminalized and customers from “around the world” would be able to use crypto to pay for products. Grapefruit also stressed that the products sold on their e-commerce site will include a QR coded certificate of analysis, which will provide consumers with a complete list of third-party-verified ingredients, including cannabinoid content.
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Imaging3 Inc through its wholly owned subsidiary, Grapefruit Boulevard Investments Inc, holds California permits and licenses to manufacture and distribute cannabis products. The company’s cannabis and CBD extraction laboratory and distribution facilities are located in the Coachillin’ Industrial Cultivation and Ancillary Canna-Business Park in Desert Hot Springs, approximately 10 miles north of downtown Palm Springs. The company’s subsidiary obtained its California cannabis licenses in January of 2018 and commenced distribution of cannabis products thereafter. The company’s vision is to become a seed-to-sale, fully vertically integrated ethical and compliant cannabis and CBD product company.