Grapefruit USA (OTCQB: GPFT), an innovative California-based cannabiotech company, has announced an update regarding its proposed acquisition of Diagnostic Lab Corporation (“DLC”), a diversified food and agriculture safety company. In August, Grapefruit announced that it was finalizing its due diligence on the DLC acquisition and was in the “final stages” of negotiations regarding financing and structuring of the transaction. That announcement stated that the company expected completion “in the next several weeks.” Today’s update notes that the anticipated transaction and financing process is continuing, with all terms and conditions of financing and structure expected within the next 30 days. “We are providing this update at this time to inform our many loyal shareholders that the company is making significant progress with respect to the DLC acquisition, despite the challenging current macroeconomic environment and its influence on capital markets,” said Grapefruit CEO and cofounder Bradley J. Yourist in the press release. “Despite these potential distractions, Grapefruit’s management, staff and outside professionals continue to work very efficiently together to ensure a successful acquisition of DLC as the next event in the company’s evolution to a wellness-driven, medical science-based, canna-focused biotech company.”

To view the full press release, visit https://ibn.fm/5IowQ

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 InvestorWire

InvestorWire is the wire service that gives you more. From regional releases to global announcements presented in multiple languages, we offer the wire-grade dissemination products you’ll need to ensure that your next press release grabs the attention of your target audience and doesn’t let go. While our competitors look to nickel and dime you with hidden fees and restrictive word limits, InvestorWire keeps things transparent.

As part of its service, InvestorWire provides coverage of noteworthy announcements. To further expand visibility of achievements being made throughout a multitude of sectors, InvestorWire’s syndication partners have extended the digital coverage to include individual broadcasts on financial websites and platforms visited by millions of investors daily.

For more information, please visit https://www.InvestorWire.com

Please see full terms of use and disclaimers on the InvestorBrandNetwork website applicable to all content provided by IBN, wherever published or re-published: http://ibn.fm/Disclaimer

InvestorWire (IW)
8033 Sunset Blvd Suite 1037-IW
Los Angeles, CA 90046
310.299.1717 Office
www.InvestorWire.com
Editor@InvestorWire.com

InvestorWire is part of the InvestorBrandNetwork.