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Grapefruit USA, Inc. (OTC: GPFT) is updating shareholders on its proposed acquisition of Diagnostic Lab Corporation (DLC) amidst challenging market conditions. The acquisition process has been in progress since August 2022, with Grapefruit finalizing due diligence and negotiating financing terms. The company anticipates capital infusions to be structured over time, given the current state of cannabis capital markets. Additionally, Grapefruit plans to modify its strategic approach to capitalize on growth opportunities in cannabis retail and agricultural sectors, focusing on the East Coast marketplace.
Grapefruit USA, Inc. (OTCQB: GPFT) has signed an exclusive licensing agreement with wrestling icon Rob Van Dam to market his cannabis products in California. Van Dam, a prominent figure in professional wrestling, aims to leverage his strong brand following to enhance Grapefruit's market presence amid competition in the cannabis retail sector. CEO Bradley J. Yourist emphasized the significance of effective product branding in this evolving landscape, as the company continues its transition to a science-based cannabiotech business. They intend to expand their footprint across California and eventually nationwide.
Grapefruit USA (OTCQB: GPFT) is progressing with its acquisition of Diagnostic Lab Corporation (DLC), a diversified food and agriculture safety company. The company is currently completing due diligence and negotiating financing terms, expecting to finalize these processes in the coming weeks. CEO Bradley J. Yourist emphasized the efficient collaboration among management and professionals to ensure the successful acquisition, despite current macroeconomic challenges. This move is part of Grapefruit's strategy to evolve into a wellness-driven, medical-focused biotech company.
Grapefruit USA (OTCQB: GPFT) announced a binding letter of intent with Diagnostic Lab Corporation (DLC) on June 30, 2022, to recapitalize Grapefruit and raise $12.5 million in debt financing. This includes $5.5 million from a qualified lender. The funds will be used to complete the 'Mothership' facility, acquire DLC's assets, and support clinical studies for their Hourglass™ delivery cream aimed at treating osteoarthritis. The transaction could enhance revenue and market presence, pending due diligence and a definitive agreement expected by August 2022.
Grapefruit USA (OTCQB: GPFT) announced significant developments regarding its acquisition of Diagnostic Lab Corporation (DLC) through a Memorandum of Understanding (MOU). The acquisition will include essential assets of DLC, supported by $12.5 million in financing, of which $7 million is secured. Plans include building a state-of-the-art cultivation center and obtaining FDA approval for the Hourglass™ THC/Cannabinoid delivery cream. The company expects to release a binding letter of intent by the end of May 2022, marking a strategic move towards growth in the cannabis sector.
Grapefruit USA, Inc. (OTCQB: GPFT) announced the renewal of its cannabis distributor license (C11-0000082-LIC) by the California Department of Cannabis Control, valid through May 13, 2023. This marks the quickest renewal since the original license issuance in January 2018. CEO Bradley J. Yourist highlighted that the swift approval reflects the company’s strict adherence to cannabis regulations. The renewal, alongside Health Canada's approval of its Hourglass™ THC/CBD topical cream, positions Grapefruit to tap into markets serving over 75 million people.
Grapefruit USA, Inc. (OTCQB: GPFT) has received approval from Health Canada for its Notice of New Cannabis Product (NNCP) for the Hourglass™ Time Release THC+CBD infused Topical Delivery Cream. This approval allows Grapefruit to sell its innovative product to licensed retailers across Canada, tapping into a combined market population of over 75 million when including California. CEO Bradley Yourist states this marks a significant milestone for the company, establishing it as a leader in the cannabis biotechnology sector while highlighting the product's health benefits over traditional consumption methods.
Grapefruit USA, Inc. (OTCQB: GPFT) announces that its premium concentrate brand, Summit Boys, is now available for delivery via Blitzdirect.com in Los Angeles County. This partnership allows customers to access a range of high-end concentrates, including 'vanilla runtz diamonds' and 'wedding cake live badders'. CEO Bradley Yourist expresses that this collaboration will enhance the company’s customer base, showcasing the quality and unique flavors of Summit Boys products.
Grapefruit USA, Inc. (OTCQB: GPFT) has announced a distribution agreement with Greenline Distribution for its premium cannabis concentrate brand, Summit Boys, in California. Greenline, known for its award-winning cannabis strains, brings over 70 years of experience in cannabis distribution. CEO Bradley J. Yourist expressed enthusiasm about the partnership, emphasizing the hands-on service the Summit Boys sales team will provide to Grapefruit retailers. The new product offerings include high-end concentrates like vanilla runtz diamonds and wedding cake live badders.
Grapefruit USA (OTCQB: GPFT) has provided an update on its Notice of New Cannabis Product (NNCP) application with Health Canada for its Hourglass™ Time Release THC+CBD infused Topical Delivery Cream. Approval will allow Grapefruit to distribute this innovative product within licensed retail outlets across Canada. The company successfully responded to Health Canada’s inquiries regarding product composition and believes its Hourglass™ technology offers a safer alternative to traditional cannabis consumption methods.
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