 LOS ANGELES and DESERT HOT SPRINGS, Calif., May 20, 2021 GLOBE NEWSWIRE -- via InvestorWire Grapefruit USA, Inc. OTCQB: GPFT Grapefruit or the Company, a premiere, fully licensed California-based cannabis company, is further updating its March 1, 2021, announcement that the Company had been approached by a Canadian cannabis company to enter into discussions concerning a potential acquisition transaction, that the discussions evolved to include development of a memorandum of understanding MOU setting forth terms under which the parties could enter into a joint venture to jointly manufacture, distribute and market Grapefruits products, including, but not limited to, Grapefruits patented disruptive HourglassTM THCCannabinoid time-release delivery cream throughout Canada and that in February the Company signed a Memorandum of Understanding the MOU with the Canadian partner which set forth the general terms of their agreement to form a new joint venture corporation to manufacture and distribute Grapefruits patented, disruptive Hourglass THC cannabinoid products, throughout the Commonwealth of Canada including on Indian Reservations and Canadian First Nation Lands, and its March 8, 2021, announcement that the Canadian Partner noticed a special shareholders meeting to consider the proposed joint venture and other corporate matters. 