Imaging3 (OTCQB: IGNG), a development stage company focused on the introduction of disruptive technologies in the medical imaging industry, recently provided further updates regarding its reverse acquisition by Grapefruit Boulevard Investments, Inc. (“GBI”), a Los Angeles-based privately held cannabis company, and simultaneous vending of its imaging business into a privately held corporation, which will be partially owned by post-acquisition IGNG. Per the update, the California Bureau of Cannabis Control approved Grapefruit, on May 14, 2019, for its provisional Adult-Use and Medicinal Cannabis Distribution Licensure after meeting state mandated compliance requirements. “Grapefruit has effectively moved from temporary licensure passing yet another barrier to achieving the certainty we need to continue to expand into the California cannabis market,” GBI CEO Bradley Yourist stated in the news release. “Holding a temporary license does not obligate the Bureau to issue a non-temporary license nor does it create a vested right in the granting of a subsequent non-temporary license. Now that we have our provisional distribution licensure, rather than temporary licensure, Grapefruit is well positioned for more rapid growth because we can enter into longer term distribution agreements with licensed cultivators and fellow manufacturers. This new license will allow Grapefruit to capture a more consistent revenue stream in the licensed cannabis market.”
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About Imaging3, Inc.
Imaging3, Inc., founded in 1993, has developed a patented medical imaging technology, called the Dominion SmartScan(TM), that produces 3D X-ray images, effectively in real time. The SmartScan technology has the potential to allow healthcare professionals to perform diagnostic and therapeutic procedures more quickly and accurately, which may result in higher throughput for the clinicians and fewer safety risks for patients. Imaging3’s technology exposes patients to less harmful radiation than current equivalent imaging technologies such as CT scans. The company believes this will allow scans to be used in many settings where scanning is currently limited by concerns about radiation exposure. The technology also notably allows for reasonably convenient portability, easier installation and use-readiness, and a significantly reduced cost burden suitable for novel settings and for healthcare systems across varied global settings. Imaging3 plans to submit a 510(k) application to FDA during 2019 and or 2020 to gain marketing authorization for initial applications for the SmartScan technology. For more information, visit the company’s website at www.Imaging3.com.
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