Los Angeles/Desert Hot Springs, CA, Dec. 12, 2019 (GLOBE NEWSWIRE) -- Grapefruit Boulevard Investments, Inc. (“GBI”) a Los Angeles based California corporation and wholly owned subsidiary of Imaging3, Inc., a Delaware corporation (“IGNG”) (OTCQB: IGNG) (collectively “Grapefruit” or the “Company”) is announcing that on Friday, December 6, 2019, the Company entered into a weekly purchase agreement to supply “fresh-frozen” cannabis flowers to a large cannabis extractor and manufacturer in Oakland, California.
With respect to the weekly purchase agreement, Bradley J. Yourist, Grapefruit CEO, stated, “Grapefruit has entered into a weekly purchase agreement with a large cannabis extractor and manufacturer in Oakland to supply highly-potent, “fresh-frozen” cannabis flowers which are used to make specialized cannabis extracts such as shatter, live resin and sauces. These ”fresh-frozen” cannabis flowers are sought after because, since they are frozen immediately after harvesting, their aromas and cannabinoids are preserved at peak levels and their terpenes, which would be lost to weeks of drying and curing, are preserved intact. Moreover, “fresh-frozen” cannabis flowers are taxed at a lower rate than cured flowers in California. As a result, significant numbers of cannabis cultivators are fresh-freezing their entire crop to take advantage of this fact.”
Yourist continued, “The sale of “fresh frozen” cannabis flowers to multiple manufacturers is just one of the many revenue streams that Grapefruit is developing, including, but not limited to, the wholesale distribution of dried and cured cannabis flowers, cannabis trim, cannabis distillate & crude oil produced at our state of the art Coachillin extraction plant, cannabis creams and cannabis infused edibles. Furthermore, as stated in previous communications to our shareholders, Grapefruit continues to move vigorously ahead with the testing and manufacturing of our patented THC “patchless patch” topical cream which is able to deliver a defined dose of THC to our customers through the skin over an extended period of time. Our ability to exploit multiple revenue streams affords us a strategic advantage over competitors because it allows us to quickly adapt to ever evolving industry trends and to serve multiple customers with differing needs across the cannabis spectrum.”
“Finally, with respect to the completion of the Grapefruit audit and the filing of our “Super” 8K, Grapefruit is now one of just two revenue producing, audited, fully reporting, multiple licensed California cannabis companies listed on the OTCQB which provides us with a solid foundation from which to expand our operations and revenues through strategic acquisitions of other cash flowing cannabis companies in the State of California, throughout the United States and globally. As a result of our efforts to date, Grapefruit is poised to deliver tremendous value to our shareholders.”
About GRAPEFRUIT
Grapefruit is a wholly-owned subsidiary of Imaging3, Inc. Grapefruit’s corporate headquarters is in Westwood, Los Angeles, California. Grapefruit holds California permits and licenses to both manufacture and distribute cannabis products. Grapefruit’s extraction laboratory 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 Rd., approximately 14 miles north of downtown Palm Springs. Grapefruit obtained its California cannabis licenses in January 2018 and commenced distribution of cannabis products thereafter. Grapefruit’s vision is to become a seed to sale, fully vertically integrated ethical and compliant cannabis product Company. To obtain further information on Grapefruit and its operations, please visit its website at https://grapefruitblvd.com/. To learn more about Grapefruit’s Sugar Stoned branded line of cannabis and CBD infused edibles, please visit us at https://sugarstoned.com/.
Safe Harbor Statement
Imaging3 cautions you that any statement included in this press release that is not a description of historical facts is a forward-looking statement. Many of these forward-looking statements contain the words "anticipate," "believe," "estimate," "may" "intend," "expect" and similar expressions. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the company and are subject to a number of risks and uncertainties inherent in Grapefruit’s business, including, without limitation: the company may not ever obtain additional funds necessary to support its business development and growth plans; and the company may not ever achieve the market success to reach or sustain a profitable business. In addition, there are risks and uncertainties related to economic recession or terrorist actions, competition from much larger cannabis companies, unexpected costs and delays, potential product liability claims, and many other factors. More detailed information about Grapefruit and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission, including the company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q for the period ended June 30, 2019 and its Registration Statement on Form S-1. Such documents may be read free of charge on the SEC’s website at www.sec.gov. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, and Grapefruit undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. This caution is made under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995.
Investor Relations Contact:
Bradley Yourist
brad@grapefruitblvd.com
18776 Blue Dream Crossing, Unit LL1 53-07
Desert Hot Springs, California 92240
(760) 205-1382
https://grapefruitblvd.com/