Grapefruit Boulevard Investments (“GBI”), a licensed and fully compliant California based cannabis distribution and manufacturing company and a wholly owned subsidiary of Imaging3, Inc. (OTCQB: IGNG) (collectively “Grapefruit”), this morning announced that it has filed Amendment No. 1 to its Registration Statement on Form S-1 that was originally filed on July 28, 2019 regarding conversions of convertible notes issued to the company’s institutional investor Auctus Fund, LLC. “We are very pleased to file the Amendment which puts us back on track to complete the Auctus transaction. Pursuant to the terms of our Agreements with Auctus, immediately upon effectiveness of the Registration Statement, which we believe should occur in late February of 2020 we will receive a new Convertible Note Tranche of $750,000.00 from Auctus and 90 days later a final Convertible Note Tranche of $1,000,000.00. These funds are key to our revenue growth in 2020. In addition, as our common stock price increases in the future, we will be able to call warrants to bring in additional working capital. We are currently focused on ramping up revenues to justify an increased stock price which will afford us the opportunity to call the Warrants. We are also in the process of evaluating other capital raising possibilities. We feel we have regained our momentum which was temporarily slowed by the delay in the Grapefruit Boulevard Investment audit and look forward to 2020 and the myriad possibilities the future holds for Grapefruit,” Grapefruit CEO Bradley J. Yourist stated in the news release.
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About Grapefruit Boulevard Investments Inc.
Grapefruit is a wholly-owned subsidiary of Imaging3, Inc. Grapefruit’s corporate headquarters is in Westwood, Los Angeles, California. Grapefruit holds California permits and licenses to both manufacture and distribute cannabis products. Grapefruit’s 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 14 miles north of downtown Palm Springs. Grapefruit obtained its California cannabis licenses in January 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 company. For more information, visit the company’s website at www.Grapefruitblvd.com.
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