Grapefruit USA, Inc. Executes Binding Letter of Intent to Acquire Diagnostic Lab Corporation, Inc., Secure New Financing
LOS ANGELES and DESERT HOT SPRINGS, Calif. — Grapefruit USA, Inc. (OTCQB: GPFT) (“Grapefruit” or the “Company”), an innovative California-based cannabiotech company, announces today the execution of a binding letter of intent (“LOI”), entered into on June 30, 2022, by the Company and Diagnostic Lab Corporation of Englewood Cliffs, New Jersey, (“DLC”) a diversified food and agriculture safety company, pursuant to which the Company and DLC will jointly recapitalize Grapefruit and raise $12.5 million of debt financing (including $5.5 million already committed from a qualified construction lender) to: 1. Complete construction of the Company’s “Mothership” cultivation, manufacturing and distribution facility in the Coachillin’ Industrial Cultivation and Ancillary Canna-Business Park, located 14 miles north of downtown Palm Springs, California. 2. Acquire all of DLC’s assets for a to-be-determined amount of cash and Grapefruit common shares. 3. Fund the Company’s application for an FDA 5...