Grapefruit USA (OTCQB: GPFT), an innovative California-based cannabiotech company, today provided an update to its recent announcement regarding the proposed acquisition of Diagnostic Lab Corporation Inc. of Englewood Cliffs, New Jersey (“DLC”), a diversified food and agriculture safety company, as well as the proposed recapitalization of the company. “We are providing this update to inform our many loyal shareholders that the company is making significant progress with respect to the DLC acquisition and securing additional capital, despite the challenging current macro-economic environment and its influence on the capital markets. Grapefruit’s management, staff and outside professionals continue to work together very efficiently to ensure a successful acquisition of DLC,” said Bradley J. Yourist, Grapefruit’s CEO and co-founder. “Grapefruit is laying the groundwork to implement the company’s long-term strategic plans to acquire several retail stores in the eastern part of the United States as the next event in the company’s evolution to a wellness-driven, medical science-based, canna-focused biotech company.”
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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 www.GrapefruitBlvd.com.
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