Imaging3 (OTCQB: IGNG) today announced that its wholly owned subsidiary Grapefruit Boulevard Investments, Inc. has entered a letter of intent (‘LOI”) with Dogwood Management Group, Inc. Per the non-binding letter of intent dated June 12, 2019, the companies intend to have Grapefruit acquire and Dogwood manage licensed and fully compliant retail cannabis dispensaries throughout California that meet certain regulatory, operational and financial results requirements. Under the terms of the LOI, Dogwood will be primarily responsible for identifying and conducting due diligence on prospective acquisition candidates, while Grapefruit will be responsible for structuring the acquisition of any legal dispensary using cash, IGNG stock, or a combination of both, and for arranging funding of any such dispensary acquisitions. Following the acquisition of a dispensary, Dogwood will receive 30% of the net operating income of the dispensary in exchange for managing it. “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. 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,” Grapefruit Boulevard Investments CEO Bradley J. Yourist stated in the news release.
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Grapefruit is based in Westwood, Los Angeles, California. Grapefruit holds California licenses to both manufacture and distribute cannabis products and is fully compliant with all applicable laws and regulations to operate such business. Grapefruit has its cannabinoid extraction facility located in the Coachillin’ Industrial Cultivation and Ancillary Canna-Business Park in Desert Hot Springs, California located on the extension of North Canyon Rd., approximately 10 miles north of the center of Palm Springs. Grapefruit obtained its California cannabis licenses in January of 2018 and commenced distribution of cannabis products in 2018. Grapefruit’s goal is to become a seed to sale vertically integrated fully compliant cannabis and CBD product company. To obtain further information on Grapefruit’s California cannabis licenses and its business plan and operations, visit its website at www.GrapefruitBlvd.com.
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