Los Angeles/Desert Hot Springs, CA, Sept. 11, 2019 (GLOBE NEWSWIRE) -- Grapefruit Boulevard Investments, Inc. a Los Angeles based cannabis and CBD company and wholly owned subsidiary of Imaging3, Inc. (OTCQB: IGNG). (collectively “Grapefruit” or the “Company”) which has been licensed by the State of California to both manufacture and distribute cannabis products in California since January 2018 is announcing today that on August 16, 2019 Justin Costello, CEO of GRN Funds in Seattle, WA, accepted appointment as Grapefruit’s initial non-director corporate advisor and the foundation member of its strategic advisory board. Pursuant to the terms of the Corporate Advisory Services Agreement between Grapefruit and Mr. Costello, his initial term will be for one year and shall automatically renew for successive six month periods subject to the mutual agreement of the parties. Mr. Costello has agreed to advise Grapefruit on a broad range of matters, from capital formation to mergers and acquisitions. Mr. Costello, 39, is considered to be one of the pioneers of the legal cannabis and CBD industry in the United States. He is CEO and Chairman of GRN Funds, an investment firm based in Seattle, Washington, which he established 2014. GRN Funds provides secure banking resources to small to medium businesses throughout the country. Mr. Costello is also the Chairman and CEO of Discovery Gold Corp. (OTCPINK: DCGD). In consideration of accepting his appointment, Mr. Costello will be paid a quarterly honorarium and has been issued four million five hundred thousand restricted shares of the Company’s common stock.
Mr. Costello stated, “I am very flattered and pleased that Brad and Dan Yourist, two very experienced attorneys and cannabis law experts have chosen me to be their initial outside corporate advisor and foundation member of Grapefruit’s strategic advisory board. Brad and Dan’s obvious commitment to compliance with all applicable cannabis laws and regulations matches the commitment of the entities I am associated with and provides the foundation for our decision to work together for the benefit of each other’s enterprises and the legal cannabis, CBD and related enterprises in general. I look forward to a long, mutually beneficial and educational relationship.”
Daniel J. Yourist, Grapefruit COO stated, “Grapefruit is a proud and happy client of Justin’s banking platform. He has been instrumental in helping our Company resolve the numerous financial issues associated with operating a successful enterprise within the legal cannabis and CBD world. We look forward to a long and successful relationship with Justin and his Company.”
Bradley J. Yourist, Grapefruit CEO stated, “Dan and I are very grateful to Justin for agreeing to accept our offer and become an official member of the Grapefruit family. We feel his multifaceted legal cannabis, CBD and financing knowledge and experience will be a major asset to our enterprise. We believe Justin’s presence as a foundational senior advisor to Grapefruit will lend significant incremental credibility to Grapefruit which will facilitate and enhance our ability to attract top notch talent, investors and followers. We truly could not be happier about Justin’s involvement. Justin’s appointment represents the achievement of yet another Grapefruit goal on its inexorable march to become a legal cannabis and CBD industry leader.”
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 cannabis and CBD oil 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 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. To obtain further information on Grapefruit and its operations, please visit its website at https://grapefruitblvd.com/. To learn more about Grapefruit’s Sugar Stoned branded line of cannabis and CBD infused edibles, please visit us at https://sugarstoned.com/.
Safe Harbor Statement
Imaging3 cautions you that any statement included in this press release that is not a description of historical facts is a forward-looking statement. Many of these forward-looking statements contain the words "anticipate," "believe," "estimate," "may" "intend," "expect" and similar expressions. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the company and are subject to a number of risks and uncertainties inherent in Grapefruit’s business, including, without limitation: the company may not ever obtain additional funds necessary to support its business development and growth plans; and the company may not ever achieve the market success to reach or sustain a profitable business. In addition, there are risks and uncertainties related to economic recession or terrorist actions, competition from much larger cannabis companies, unexpected costs and delays, potential product liability claims, and many other factors. More detailed information about Grapefruit and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission, including the company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q for the period ended June 30, 2019 and its Registration Statement on Form S-1. Such documents may be read free of charge on the SEC’s website at www.sec.gov. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, and Grapefruit undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. This caution is made under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995.
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