Business
Grapefruit Boulevard Investments Receives an Annual License from the State of California Department of Public Health
Grapefruit Boulevard Investments Receives an Annual License from the State of California Department of Public Health.
About this update from Grapefruit Usa Inc.
[{"type":"text","content":"\nBurbank, CA, May 07, 2019 (GLOBE NEWSWIRE) -- Imaging3, Inc. (OTCQB:IGNG), (“IGNG”) or (the “Company”), a development stage company focused on the introduction of disruptive technologies in the medical imaging industry, is further updating its prior announcements regarding its reverse acquisition (the “Acquisition”) by Grapefruit Boulevard Investments, Inc. (‘GBI”) a privately held Los Angeles based cannabis company and simultaneous vending of its imaging business into a privately held corporation which will be partially owned by post - Acquisition IGNG .\n On April 30, 2019, the California Department of Public Health, Manufactured Cannabis Safety Branch approved Grapefruit Boulevard Investments, Inc. for its annual Cannabis Manufacturing Licensure after meeting all of the compliance requirements mandated by the State of California. In response to this news, Bradley Yourist, Chief Executive Officer, stated “We are thrilled to have achieved this milestone for our company’s manufacturing division. The issuance of our annual Cannabis Manufacturing License further validates the value of GBI’s strategic planning and its commitment to compliance. The issuance of this annual license provides the requisite foundation and concomitant certainty we need to continue to market and expand the reach of our manufactured cannabis and CBD brands in the State of California and beyond. At base, we will continue to provide high quality, compliant cannabis oil to the ever growing California cannabis market on an uninterrupted basis. We continue to build steady momentum” John Hollister, Imaging3 CEO added, “As we near completion of the Acquisition by GBI, the news of this important license reinforces our view that we have made the best business decision for our Shareholders and confirms our belief that GBI’s position in the compliant cannabis space looks very strong.” Potential investors in IGNG’s common shares are cautioned that there can be no assurances that the reverse acquisition of IGNG by GBI will ever be closed and that even if it is, there can be no assurance that the Company will thereafter be able to obtain the financing necessary to achieve its articulated goals and further that even if such financing is obtained that it will be sufficient for...