Grapefruit USA, Inc. Supplies Additional Replace on Diagnostic Lab Company Acquisition, Securing New Financing and Retail Retailer Plan

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LOS ANGELES and DESERT HOT SPRINGS, Calif., March 10, 2023 (GLOBE NEWSWIRE) — through InvestorWire — Grapefruit USA, Inc. (OTC: GPFT) (“Grapefruit” or the “Firm”), an progressive California-based cannabiotech firm, at the moment updates its latest announcement relating to the proposed acquisition of Diagnostic Lab Company, Inc. of Englewood Cliffs, New Jersey (“DLC”), a diversified meals and agriculture security firm, in addition to the proposed recapitalization of the Firm.

On Aug. 18, 2022, the Firm introduced it was “finalizing its due diligence on DLC and is within the ultimate phases of negotiating the phrases of its anticipated financing and structuring the transaction paperwork, all of which it expects to finish within the subsequent a number of weeks.” The Firm additional reported on Nov. 21, 2022, that “because of present common market and financial situations, the anticipated transaction and financing course of is lively and persevering with with all phrases and situations of financing and construction anticipated throughout the subsequent 30 days.” As we speak, the Firm updates its steerage and states that the anticipated transaction and financing are persevering with.

In gentle of acute market situations within the hashish capital markets and cannabis-related economies generally, the monetary phrases being negotiated will most probably be capital infusions in a number of tranches and paid over time. Additional, the Firm’s strategic plan is being modified to deal with market modifications and several other development alternatives in hashish retail in addition to common agricultural and hemp/CBD/wellness verticals. The hashish retail sector within the nascent East Coast market presents the most effective alternative for development.

Bradley J. Yourist, Grapefruit’s CEO and co-founder, commented, “We’re offering this replace to tell our many loyal shareholders that the Firm is making important progress with respect to the DLC acquisition and securing extra capital, regardless of the difficult present macro-economic atmosphere and its affect on the capital markets. Grapefruit’s administration, employees and out of doors professionals proceed to work collectively very effectively to make sure a profitable acquisition of DLC. Grapefruit is laying the groundwork to implement the Firm’s long-term strategic plans to accumulate a number of retail shops within the Japanese a part of the US as the subsequent occasion within the Firm’s evolution to a wellness-driven, medical science-based, canna-focused biotech firm.”

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About Grapefruit

Grapefruit’s company headquarters is in Westwood, Los Angeles, California. Grapefruit holds California permits and licenses to each manufacture and distribute hashish merchandise within the Golden State. Grapefruit’s extraction laboratory and manufacturing and distribution amenities are situated within the industry-recognized Coachillin’ Industrial Cultivation and Ancillary Canna-Enterprise Park in Desert Sizzling Springs, situated on the extension of North Canyon Street, roughly 14 miles north of downtown Palm Springs. To acquire additional data on Grapefruit and its operations, please go to the Firm’s web site at

Protected Harbor Assertion

Grapefruit cautions that any assertion included on this press launch that’s not an outline of historic details is a forward-looking assertion. Many of those forward-looking statements include the phrases “anticipate,” “imagine,” “estimate,” “could,” “intend,” “anticipate” and comparable expressions. Precise outcomes, efficiency or achievements might differ materially from these contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are primarily based largely on the expectations of the Firm and are topic to a variety of dangers and uncertainties inherent in Grapefruit’s enterprise, together with, with out limitation: the Firm could not ever get hold of extra funds essential to help its enterprise improvement and development plans; and the Firm could not ever obtain the market success to achieve or maintain a worthwhile enterprise. As well as, there are dangers and uncertainties associated to financial recession or terrorist actions, competitors from a lot bigger hashish firms, surprising prices and delays, potential product legal responsibility claims and lots of different components. Extra detailed details about Grapefruit and the danger components that will have an effect on the conclusion of forward-looking statements is about forth within the Firm’s filings with the Securities and Trade Fee, together with the Firm’s Annual Report on Kind 10-Ok, its Quarterly Report on Kind 10-Q for the interval ended Sept. 30, 2022, and its Registration Assertion on Kind S-1/A. Such paperwork could also be learn freed from cost on the SEC’s web site at Readers are cautioned to not place undue reliance on these forward-looking statements, which communicate solely as of the date hereof. All forward-looking statements are certified of their entirety by this cautionary assertion, and Grapefruit undertakes no obligation to revise or replace this press launch to replicate occasions or circumstances after the date hereof. This warning is made beneath the secure harbor provisions of Part 21E of the Personal Securities Litigation Reform Act of 1995.

Investor Relations Contact:Bradley Yourist[email protected]18776 Blue Dream Crossing, Unit LL1 53-07Desert Sizzling Springs, California 92240(760) 205-1382

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Company Communications:InvestorBrandNetwork (IBN)Los Angeles, Californiawww.InvestorBrandNetwork.com310.299.1717 Workplace[email protected]

Grapefruit USA, Inc. Supplies Additional Replace on Diagnostic Lab Company Acquisition, Securing New Financing and Retail Retailer Plan

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