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.
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