CannabisNewsBreaks – Grapefruit USA Inc. (GPFT) Announces Execution of LOI for DLC Acquisition
Jul 6, 2022
Grapefruit USA (OTCQB: GPFT), an innovative California-based cannabiotech company, has executed a binding letter of intention (“LOI”) with Diagnostic Lab Corporation (“DLC”). The letter, which was entered into on June 30, 2022, calls for the two companies to jointly recapitalize Grapefruit and raise $12.5 million of debt financing, which includes $5.5 million already committed from a qualified construction. DLC is a diversified food and agriculture safety company. The funding will be used to complete construction of a cultivation, manufacturing and distribution facility; acquire DLC assets; apply for an FDA 510K approval for GPFT’s patented Hourglass(TM) time release Z-POD THC/CBD/cannabinoid infused delivery cream; and conduct a clinical study to measure the effects of the Hourglass delivery cream on pain and other symptoms suffered by individuals diagnosed with osteoarthritis. “Execution of this letter of intent between DLC and GPFT is the next step in Grapefruit’s evolution from a ‘me-too’ cannabis company to a medical, science-based, canna-focused biotech company that will develop and obtain regulatory approval for an ever-expanding line of proprietary cannabis products based on the company’s patented Hourglass technology,” said Grapefruit CEO and cofounder Bradley J. Yourist in the press release. “Construction of the Coachillin’ ‘mothership’ facility at the Coachillin’ Park will secure our balance sheet and provide a reliable source of reasonably priced pharma-quality cannabis flowers for raw material for THC Hourglass products and for distribution in both the U.S. and Canada, as appropriate under any given market circumstances. The 510K approval for the Hourglass technology will facilitate its rapid market acceptance throughout the United States as an approved medical device. Finally, our lab acquisition program will provide rapid revenue growth and expand the company’s cannabis industry footprint. The parties expect to finalize and execute the definitive agreement before the end of August 2022 and close the transaction shortly thereafter.”
To view the full press release, visit https://cnw.fm/W8fwM
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 https://GrapefruitBlvd.com.
About CannabisNewsWire
CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.
To receive SMS text alerts from CannabisNewsWire, text “Cannabis” to 844-397-5787 (U.S. Mobile Phones Only)
For more information please visit https://www.CannabisNewsWire.com
Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW, wherever published or re-published: http://CNW.fm/Disclaimer
Do you have questions or are you interested in working with CNW? Ask our Editor
CannabisNewsWire (CNW)
Denver, Colorado
www.CannabisNewsWire.com
303.498.7722 Office
[email protected]
CannabisNewsWire is part of the InvestorBrandNetwork.
More News
China Stockpiled Oil, and Now It Could Dominate the Energy Landscape
The war with Iran revealed just how much influence the world’s biggest oil importer has over prices and other countries’ supplies of jet fuel, gasoline and diesel.
King Charles Meets With A.I. Executives About Safety Risks
The gathering in Scotland brought together industry leaders amid a growing debate about the safety risks of unchecked artificial intelligence.
Bank of England Holds Rates Steady but Warns of Higher Inflation
The decision was announced a day after data showed the fastest pace of price increases in months.
Early Bowie music available to stream for first time
Previously unheard material from the start of the artist's career has been released for the first time.
We bought our £242,000 home without a deposit - here's how
The share of UK mortgages with smaller deposits is the highest it's been since 2008. The BBC spoke to borrowers about how they manage the risks.
The virtual worlds where robots are trained
Training systems that allow robots to negotiate the real world are getting more sophisticated.
Searing Elon Musk Film Nears U.S. Release Amid Overseas Concerns
Alex Gibney’s “Musk” will arrive in United States theaters next month. Universal says it remains committed to releasing it overseas but has yet to set dates.
Trump Seeks ‘Made in U.S.A.’ Labels on Beef as Import Rule Angers Ranchers
The Agriculture Department hopes Americans will pay more for U.S. beef, in an attempt to appease ranchers upset over increased, cheaper imports.
World Bank Courts Private Financing Amid Global Debt Burden
The World Bank president, Ajay Banga, has worked to make the development institution a magnet for private capital as donor nations face budget constraints.
Trump Blasts the Fed But Spares Kevin Warsh After Interest Rate Hike
The president blasted the rest of the Fed — and kept up his demand for a cut — but spared Fed Chairman Kevin M. Warsh from the criticism.
Mixed feelings from consumers as electricity discount to be given to NI households
The one-off £63 reduction in electricity bills will be applied from next month.
Warm words on Canada's EU 'associate membership' but no guarantees
There is no certainty that the idea will ever get off the ground, let alone become a blueprint for other countries, writes the BBC's Katya Adler.
YOUR NEWS, OUR NETWORK.
Do you have Great News you want to tell the world?
Be it updates about your business or your community, you can make sure that it’s heard by submitting your story to our network reaching hundreds of news sites across 6 verticals.