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Grapefruit USA, Inc. Provides Further Update on Diagnostic Lab Corporation Acquisition, Securing New Financing and Retail Store Plan
Grapefruit USA, Inc. Provides Further Update on Diagnostic Lab Corporation Acquisition, Securing New Financing and Retail Store Plan.
About this update from Grapefruit Usa Inc.
[{"type":"text","content":"\n LOS ANGELES and DESERT HOT SPRINGS, Calif., March 10, 2023 (GLOBE NEWSWIRE) -- via InvestorWire -- Grapefruit USA, Inc. (OTC: GPFT) (“Grapefruit” or the “Company”), an innovative California-based cannabiotech company, today updates 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. On Aug. 18, 2022, the Company announced it was “finalizing its due diligence on DLC and is in the final stages of negotiating the terms of its anticipated financing and structuring the transaction documents, all of which it expects to complete in the next several weeks.” The Company further reported on Nov. 21, 2022, that “due to current general market and economic conditions, the anticipated transaction and financing process is active and continuing with all terms and conditions of financing and structure expected within the next 30 days.” Today, the Company updates its guidance and states that the anticipated transaction and financing are continuing. In light of acute market conditions in the cannabis capital markets and cannabis-related economies in general, the financial terms being negotiated will most likely be capital infusions in several tranches and paid over time. Further, the Company’s strategic plan is being modified to address market changes and several growth opportunities in cannabis retail as well as general agricultural and hemp/CBD/wellness verticals. The cannabis retail sector in the nascent East Coast marketplace presents the best opportunity for growth. Bradley J. Yourist, Grapefruit’s CEO and co-founder, commented, “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. Grapefruit is laying the groundwork to implement the Company’s long-term strategic plans to acquire several retail ...