- Grapefruit has entered into a letter of intent with Dogwood Management Group Inc. to acquire and manage retail dispensaries in Northern and Southern California
- The company recently commenced retail sales of its first Grapefruit brand of cannabis-infused edible gummies under the trade name Sugar Stoned®
- Grapefruit is preparing to introduce more cannabis-infused offerings, including its new wellness and lifestyle brands line of CBD and THC mixed vaporizer cartridges, in Q3 2019
- Parent company Imaging3 Inc. plans to change its ticker symbol and corporate name in order to better reflect Grapefruit’s branding across its platforms
Grapefruit Boulevard Investments Inc., a California corporation and a wholly owned subsidiary of Imaging3 Inc. (OTCQB: IGNG), has entered into a letter of intent with Dogwood Management Group Inc. The nonbinding letter of intent outlines the agreement between the two companies: Grapefruit plans to acquire and Dogwood will manage California-licensed and fully compliant retail cannabis dispensaries throughout California that meet the regulatory, operational and financial results requirements for the two companies (http://nnw.fm/tPxN4).
“We continue to press purposefully forward toward our ultimate goal of vertical integration by implementing this initial program to build a network of fully compliant, legal dispensaries by entering into this arrangement with Dogwood which eliminates the necessity of building an in house acquisition staff and dispensary management team and thereby significantly accelerates our legal retail dispensary acquisition program,” Grapefruit CEO Bradley Yourist stated in a news release. “Dogwood’s CEO Steely Inoue and I, and our respective management teams, will work closely together over the coming months to identify, acquire and successfully manage various retail cannabis dispensaries in both Northern and Southern California. It has always been Grapefruit’s intent to become a fully vertically integrated, seed to sale cannabis and CBD company, and our new relationship with Dogwood Management advances that goal.”
Yourist described CEO Steely Inoue and his Dogwood management team as “true cannabis professionals” bringing a “complete turnkey retail dispensary management program” to Grapefruit. He praised Dogwood’s extensive experience in managing some of the highest-profile, most profitable dispensaries in California, which is home to one of the most competitive cannabis markets in the world.
Yourist concluded, “With this new collaboration between Dogwood and Grapefruit, we have set the stage for Grapefruit to quickly acquire legal, compliant and auditable retail locations in California to rapidly expand Grapefruit’s revenues.”
Grapefruit is poised to expand its laboratory extraction operations and distribution services throughout California. In June, the company commenced retail sales of its first brand of cannabis-infused edible gummies in the state under trade name Sugar Stoned (http://nnw.fm/9boEs).
“Retail cannabis product consumers will be able to enjoy our Sugar Stoned infused gummies with the knowledge that Grapefruit products have been tested and are certified to be pesticide and heavy metal free by a third-party laboratory before being released at retail,” Yourist added (http://nnw.fm/CyNL6).
Based in Westwood, California, Grapefruit is a manufacturer and distributor of various cannabis products and holds both a manufacturing and distribution license issued by the State of California.
For more information, visit the company’s website at www.GrapefruitBlvd.com
NOTE TO INVESTORS: The latest news and updates relating to IGNG are available in the company’s newsroom at http://nnw.fm/IGNG
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