Los Angeles, CA, May 06, 2020 (GLOBE NEWSWIRE) — Lake Victoria Mining, Inc. (OTCPINK:LVCA, “ LVCA” or the “Company”), is announcing today that BudTrader.com, with which it has executed a binding letter of intent (“LOI”) to be acquired in a reverse acquisition (the “Acquisition”) has enjoyed a significant increase in these two important metrics. Overall Hits across the US and Canada have increased from 10,294,148 to 15,858,357 an increase of 54.052%. Overall visits have increased from 1,285,024 to 1,688, 300 an increase of 29.83% in overall visits.
Budtrader is also now closing in on three million registered users and is showing no signs of slowing down. Brad Mclaughlin, BudTrader CEO recalled “many so called “industry leaders” and “wall street insiders” cautioned me that BudTrader’s growth would slow as soon as we hit one million registered users and then again if we were able to crawl up to two million registered users. I’m happy to report that they were wrong. BudTrader does not appear to be slowing down anytime soon. I’m stoked to see our traction solidify and our momentum roll on. I believe that as long as we continue to deliver the experience which only we can best understand that our users want, our growth will continue.”
Privately held Encinitas, CA based P5 Systems, Inc. owns and since 2016 has operated the BudTrader.com website on which BudTrader’s two million plus registered users safely and legally post classifieds–style advertisements for cannabis products, services, jobs, information and equipment etc. The site was originally conceived to be solely a cannabis commerce platform but as it has increased in number of users and user time spent on the site, it has evolved spontaneously into the cannabis ecosphere’s defacto largest social media platform upon which users can freely communicate and network with one another about all things cannabis without fear of platform censorship or banishment as is the case on all the major social media platforms. BudTrader’s founder Brad McLoughlin and its directors and LVCA’s current management (Bradley and Daniel Yourist, also the control persons of Grapefruit USA, Inc.; OTCPINK: GPFT), all believe this cannabis centric social media platform has the potential for explosive growth in lock step with projected growth rate of the US legal cannabis market which, according to New Frontier Data will be $17 billion for the year ending December 31, 2020 and projected by the same group to exceed $27.5 billion by the year ending December 31, 2025 and the worldwide legal cannabis market will reach 73.6 Billion by 2027.
The reverse acquisition of LVCA, which is a control affiliate of Grapefruit, significantly expands the alliance between the two southern California firms which was first made public on April 1, 2020 when the firms announced execution of a Data License Agreement (the “License”) between them. Since that time, the firms have worked closely implementing the logistics of the License and in the course of that work the concept of the Acquisition developed into a general plan for the Acquisition culminating in the execution of the LOI. At the conclusion of the Acquisition, Grapefruit’s founders and management team will own approximately 20% of post-acquisition LVCA/BudTrader.
With respect to today’s announcement about BudTrader’s recent growth, Bradley J. Yourist, Grapefruit’s CEO stated “Today’s announcement confirms that our instincts about Brad MCLaughlin and BudTrader were correct. We are committed to do whatever it takes to facilitate BudTrader’s success, because as they grow their user base, Grapefruit’s customer base grows. We are certain that the expansion of BudTrader’s user base and traffic sessions will add market value to both GPFT and LVCA.”
The Grapefruit/LVCA corporate headquarters is in Westwood, Los Angeles, California. Grapefruit holds California permits and licenses to both manufacture and distribute cannabis products. Grapefruit’s extraction laboratory and distribution facilities are located in the industry recognized Coachillin’ Industrial Cultivation and Ancillary Canna-Business Park in Desert Hot Springs, located on the extension of North Canyon Rd., approximately 14 miles north of downtown Palm Springs. Grapefruit obtained its California cannabis licenses in January 2018 and commenced distribution of cannabis products thereafter. Grapefruit’s vision is to become a seed to sale, fully vertically integrated ethical and compliant cannabis product Company. To obtain further information on Grapefruit and its operations, please visit its website at https://grapefruitblvd.com/. To learn more about Grapefruit’s Sugar Stoned branded line of infused edibles, please visit us at https://sugarstoned.com/.
BudTrader is based in Encinitas, California. BudTrader is the Cannabis industry’s largest social media platform with over 2 million registered users and more than 20 million-page views per month with an average time on site of over 15 minutes. The Company’s database of cannabis users and vendors is one of the largest in the world. The Company’s website is www.BudTrader.com.
Safe Harbor Statement
LVCA/Grapefruit cautions you that any statement included in this press release that is not a description of historical facts is a forward-looking statement. Many of these forward-looking statements contain the words “anticipate,” “believe,” “estimate,” “may” “intend,” “expect” and similar expressions. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the company and are subject to a number of risks and uncertainties inherent in Grapefruit’s business, including, without limitation: the company may not ever obtain additional funds necessary to support its business development and growth plans; and the company may not ever achieve the market success to reach or sustain a profitable business. In addition, there are risks and uncertainties related to economic recession or terrorist actions, competition from much larger cannabis companies, unexpected costs and delays, potential product liability claims, and many other factors. More detailed information about Grapefruit and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission, including the company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q for the period ended June 30, 2019 and its Registration Statement on Form S-1. Such documents may be read free of charge on the SEC’s website at www.sec.gov. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, and Grapefruit undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. This caution is made under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995.
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Lake Victoria Mining Company, Inc.
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