Business
Imaging3 Further Update on Grapefruit Boulevard Investments, Inc. Proposed Reverse Acquisition of Imaging3, Inc. and its Acquisition of the Sugar Stoned cannabis-infused edibles brand
Imaging3 Further Update on Grapefruit Boulevard Investments, Inc. Proposed Reverse Acquisition of Imaging3, Inc. and its Acquisition of the Sugar Stoned cannabis-infused edibles brand.
About this update from Grapefruit Usa Inc.
[{"type":"text","content":"\nBurbank, CA, March 26, 2019 (GLOBE NEWSWIRE) -- Imaging3, Inc. (OTCQB:IGNG), (“Imaging3” or the “Company”), a development stage company focused on the introduction of disruptive technologies in the medical imaging industry, is further updating its prior announcement regarding the execution of a non-binding letter of intent (“LOI”) to be acquired in a reverse acquisition (the “Acquisition”) by Grapefruit Boulevard Investments, Inc. (‘GBI”) a privately held Los Angeles based cannabis company and simultaneously vend its imaging business into a privately held corporation which will be partially owned by post - Acquisition IGNG .\n GBI is based in Westwood, Los Angeles, California. GBI holds California licenses to both manufacture and distribute cannabis products and is fully compliant with all applicable laws and regulations to operate such business. GBI has its extraction facility located in the Coachillin Industrial Cultivation and Ancillary Canna-Business Park in Desert Hot Springs, located on the extension of North Canyon Rd., approximately 10 miles north of the center of Palm Springs. GBI obtained its California licenses in January of 2018 and commenced distribution of cannabis products in June of 2018. GBI’s goal is to become a seed to sale vertically integrated fully compliant cannabis and CBD product Company. In November 2018, GBI acquired a well-respected infused edible brand called “Sugar Stoned” which manufactured cannabis infused gummy edibles, cookies and other related products over the last several years, and prior to the legalization of recreational cannabis in California, Sugar Stoned routinely sold its popular cannabis infused edibles to most of the medical cannabis retail dispensaries in Southern California, and, as a result, built a strong brand. After recreational cannabis was legalized in California in 2018, Sugar Stoned was effectively shut-out of the California cannabis market due to lack of requisite California licenses. In mid-2018, Sugar Stoned’s principal made GBI’s management aware of that state of affairs and after negotiations with GBI, on November 19, 2018 signed, an Employment Agreement with Sugar Stoned’s principal by which GBI simultaneously acquired all intellectual property rights to the Sugar Stoned ...