LOS ANGELES and DESERT HOT SPRINGS, Calif., Feb. 22, 2021 (GLOBE NEWSWIRE) — via InvestorWire — Grapefruit USA, Inc. (OTCQB: GPFT) (“Grapefruit” or the “Company”), a premiere, fully licensed California-based cannabis company, is announcing today that it has obtained California Trademark protection (CA Registration Nos.: 02009331 and 02009332) for Grapefruit’s patented disruptive Hourglass™ THC/Cannabinoid time-release delivery cream. The Hourglass™ name and logo are now protected intellectual property rights of the Company which prevents all others operating in the Cannabis space from exploitation of such property. The Company also possesses common law, first-in-time, trademark protection to Hourglass™. The Company will obtain its Federal trademark protection when the Federal government legalizes cannabis, expected by many to be later this year.
Bradley J. Yourist, Grapefruit CEO, commented, “Obtaining our California Trademark protection for Hourglass™ is pivotal for us to protect our intellectual property rights and goodwill with respect to Grapefruit’s Hourglass™ line of products. It is only fitting that Grapefruit has exclusive rights to the Hourglass™ name and logo since Grapefruit has an exclusive license for use of the patented technology upon which the Hourglass™ time release delivery cream is based and is the only enterprise on earth with the technical know-how to manufacture the Hourglass™ delivery cream for the regulated cannabis market. That symmetry is exquisite. Securing our trade name is another step forward in the dawning of the Hourglass Era. Hourglass products may only be obtained from Grapefruit and its authorized agents.”
“We previously secured California trademark and service mark protections for the Grapefruit corporate name and other product lines, Sugar Stoned and Rainbow Dreams. Currently, the Federal government does not allow cannabis companies to obtain Federal trademark protection of its intellectual property. We, however, have long understood our operational environment and moved to protect our intellectual property rights at the state level because such state-level registration provides Grapefruit with a significant level of protection on a national basis via common law first-in-time use of our product names. We believe that protection of our intellectual property rights is important to enhance and protect Grapefruit’s value for its shareholders.”