Sign In  |  Register  |  About Livermore  |  Contact Us

Livermore, CA
September 01, 2020 1:25pm
7-Day Forecast | Traffic
  • Search Hotels in Livermore

  • ROOMS:

CannabisNewsBreaks – Grapefruit USA Inc. (GPFT) Announces Update on Proposed Acquisition of Diagnostic Lab Corporation

Grapefruit USA (OTCQB: GPFT), an innovative California-based cannabiotech company, today issued an update on its previously announced execution of a memorandum of understanding (“MOU”) with Englewood Cliffs, New Jersey-based Diagnostic Lab Corporation (“DLC”), a diversified food and agriculture safety company, concerning Grapefruit’s acquisition of DLC. According to the update, the company and DLC (the “parties”) have been in regular discussions since the execution of the MOU regarding the terms and timing of the proposed acquisition. The parties have developed a plan, under which Grapefruit will acquire substantially all of the assets of DLC and obtain financing of $12.5 million, $7 million of which has already been committed, to build out its “Mothership” state of the art cultivation and laboratory center. “As previously announced, these will be the next steps in Grapefruit’s evolution into a medical science-based cannabiotech company, which will develop and obtain regulatory approval for an ever-expanding line of proprietary Hourglass technology-based cannabis products. The build out of the ‘Mothership’ cultivation and lab facility at the Coachillin Park will guarantee a reliable source of reasonably priced pharma quality cannabis flowers to provide the base for non-hemp Hourglass products and for distribution in both the U.S. and Canada, when appropriate. Obtaining the 510K approval for the Hourglass technology will facilitate its rapid market acceptance,” said Bradley J. Yourist, Grapefruit’s CEO and co-founder. “Our lab acquisition program will provide rapid revenue growth and expand the company’s cannabis industry expertise. The parties expect to execute and announce a binding letter of intent before the end of May 2022.”

To view the full press release, visit

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, located on the extension of North Canyon Road, approximately 14 miles north of downtown Palm Springs. For more information about the company and its operations, visit

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

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW, wherever published or re-published:

Do you have questions or are you interested in working with CNW? Ask our Editor

CannabisNewsWire (CNW)
Denver, Colorado
303.498.7722 Office

CannabisNewsWire is part of the InvestorBrandNetwork.

Data & News supplied by
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Copyright © 2010-2020 & California Media Partners, LLC. All rights reserved.