California-based Grapefruit Boulevard Investments, a wholly owned subsidiary of Imaging3 (OTCQB: IGNG), this morning announced its August 16, 2019, receipt of $1,400,000 of working capital from the closing of the second tranche of its Stock Purchase Agreement (“SPA”) with Auctus Fund, LLC. According to the update, the payment was triggered by the company’s timely filing of its Form S-1 registration statement with the SEC on July 25, 2019. “Once again Grapefruit executed its plan in a timely fashion, filing the registration statement and receiving the new capital infusion just subsequent to finalizing the IGNG/Grapefruit reorganization as envisioned,” IGNG/Grapefruit CEO Bradley J. Yourist stated in the news release. “Another box checked. This cash infusion comes at a critical moment as it will allow us ramp up revenue generating operations in four areas immediately. Firstly, the capital will provide funds to immediately purchase new laboratory distillation equipment which will quickly increase our distillate or “honey oil” production capabilities at the Desert Hot Springs extraction facility by threefold. Secondly, it provides capital to purchase additional high quality cannabis flowers and trim to feed the extraction operation. Thirdly, this capital affords us the ability to immediately redouble our highly profitable wholesale cannabis and hemp trading operations. Fourthly, this capital will allow us to increase our marketing and brand awareness efforts in both traditional electronic and social media channels. This capital allows Grapefruit to ‘put the pedal to the medal’ in these critical areas at exactly the right moment”.
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About Grapefruit Boulevard Investments Inc.
Grapefruit Boulevard Investments, a wholly owned subsidiary of Imaging3 Inc. (OTCQB: IGNG), holds California permits and licenses to both manufacture and distribute cannabis products. Grapefruit’s cannabis and CBD extraction laboratory and distribution facilities are located in the industry recognized 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 downtown Palm Springs. Grapefruit obtained its California cannabis licenses in January of 2018 and commenced distribution of cannabis products thereafter. Grapefruit’s vision is to become a seed to sale, fully vertically integrated ethical and compliant cannabis and CBD product company. For more information, visit the company’s website at www.GrapefruitBlvd.com.
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