Grapefruit USA (OTCQB: GPFT), an innovative California-based cannabiotech company, today provided an update to its recent announcement regarding the proposed acquisition of Diagnostic Lab Corporation Inc. of Englewood Cliffs, New Jersey (“DLC”), a diversified food and agriculture safety company, as well as the proposed recapitalization of the company. “We are providing this update to inform our many loyal shareholders that the company is making significant progress with respect to the DLC acquisition and securing additional capital, despite the challenging current macro-economic environment and its influence on the capital markets. Grapefruit’s management, staff and outside professionals continue to work together very efficiently to ensure a successful acquisition of DLC,” said Bradley J. Yourist, Grapefruit’s CEO and co-founder. “Grapefruit is laying the groundwork to implement the company’s long-term strategic plans to acquire several retail stores in the eastern part of the United States as the next event in the company’s evolution to a wellness-driven, medical science-based, canna-focused biotech company.”

To view the full press release, visit https://cnw.fm/WhloA

About Grapefruit USA Inc.

Grapefruit’s corporate headquarters is in Westwood, Los Angeles, California. Grapefruit holds California permits and licenses to both manufacture and distribute cannabis products in the Golden State. Grapefruit’s extraction laboratory and manufacturing 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 Road, approximately 14 miles north of downtown Palm Springs. For more information about the company and its operations, visit www.GrapefruitBlvd.com.About CannabisNewsWireCannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.To receive SMS text alerts from CannabisNewsWire, text “Cannabis” to 844-397-5787 (U.S. Mobile Phones Only)For more information please visit https://www.cannabisnewswire.comPlease see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW, wherever published or re-published: http://CNW.fm/DisclaimerDo you have questions or are you interested in working with CNW? Ask our EditorCannabisNewsWire (CNW)Denver, Coloradowww.cannabisnewswire.com303.498.7722 OfficeEditor@CannabisNewsWire.comCannabisNewsWire is part of the InvestorBrandNetwork.

Grapefruit USA (OTCQB: GPFT), an innovative California-based cannabiotech company and cannabis distributor, today announced its entry into an exclusive licensing agreement with WWE Hall of Fame wrestler and cannabis pioneer Rob Van Dam to bring his branded cannabis products to the California retail marketplace. “Our industry has matured over the past several years, and that maturation has fundamentally focused success in the retail marketplace around effective product branding. There is a lot of competition for product shelf space in retail stores. Retailers look to the brands that are likely to generate the most sales, and the well-known cannabis brands are the ones that consumers will choose,” said Bradley J. Yourist, Grapefruit’s CEO and co-founder. “Our strategic partnership with Rob Van Dam and his team is a natural fit. Rob is a cannabis pioneer with a large and loyal following. His cannabis brand, RVD, has an advantage that other cannabis products lack and fits the new ‘Cannabis 3.0’ environment, which is all about creating exciting and popular branded cannabis and hemp-based products. We look forward to expanding our footprint in California and, eventually, nationwide, bringing the highest-quality RVD cannabis products to California cannabis consumers and patients in need to enhance their health and well-being. Grapefruit’s plan for transitioning into a science-based cannabiotech company remains unabated while we capitalize on Cannabis 3.0 in California.”

To view the full press release, visit https://cnw.fm/IhyiY

About Grapefruit USA Inc.

Grapefruit’s corporate headquarters is in Westwood, Los Angeles, California. Grapefruit holds California permits and licenses to both manufacture and distribute cannabis products in the Golden State. Grapefruit’s extraction laboratory and manufacturing 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 Road, approximately 14 miles north of downtown Palm Springs.

About CannabisNewsWire

CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

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Grapefruit USA (OTCQB: GPFT), an innovative California-based cannabiotech company, today updated its recent announcement of the proposed acquisition of Diagnostic Lab Corporation of Englewood Cliffs, New Jersey (“DLC”), a diversified food and agriculture safety company, as well as announced the recapitalization of the company. According to the update, Grapefruit is finalizing its due diligence on DLC and is in the final stages of negotiating the terms of its anticipated financing and structuring of the transaction documents, all of which it expects to complete in the next several weeks. “We are providing this update at this time to inform our many loyal shareholders that the company is making significant progress with respect to the DLC acquisition, despite the challenging current macroeconomic environment and its influence on capital markets,” said Bradley J. Yourist, Grapefruit’s CEO and co-founder. “Despite these potential distractions, Grapefruit’s management, staff and outside professionals continue to work very efficiently together to ensure a successful acquisition of DLC as the next event in the company’s evolution to a wellness-driven, medical science-based, canna-focused biotech company.”

To view the full press release, visit https://cnw.fm/4yQNL

About Grapefruit USA Inc.

Grapefruit’s corporate headquarters is in Westwood, Los Angeles, California. Grapefruit holds California permits and licenses to both manufacture and distribute cannabis products in the Golden State. Grapefruit’s extraction laboratory and manufacturing 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 Road, approximately 14 miles north of downtown Palm Springs. For more information about the company and its operations, visit www.GrapefruitBlvd.com.

About CannabisNewsWire

CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

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Grapefruit USA (OTCQB: GPFT), an innovative California-based cannabiotech company, has executed a binding letter of intention (“LOI”) with Diagnostic Lab Corporation (“DLC”). The letter, which was entered into on June 30, 2022, calls for the two companies to jointly recapitalize Grapefruit and raise $12.5 million of debt financing, which includes $5.5 million already committed from a qualified construction. DLC is a diversified food and agriculture safety company. The funding will be used to complete construction of a cultivation, manufacturing and distribution facility; acquire DLC assets; apply for an FDA 510K approval for GPFT’s patented Hourglass(TM) time release Z-POD THC/CBD/cannabinoid infused delivery cream; and conduct a clinical study to measure the effects of the Hourglass delivery cream on pain and other symptoms suffered by individuals diagnosed with osteoarthritis. “Execution of this letter of intent between DLC and GPFT is the next step in Grapefruit’s evolution from a ‘me-too’ cannabis company to a medical, science-based, canna-focused biotech company that will develop and obtain regulatory approval for an ever-expanding line of proprietary cannabis products based on the company’s patented Hourglass technology,” said Grapefruit CEO and cofounder Bradley J. Yourist in the press release. “Construction of the Coachillin’ ‘mothership’ facility at the Coachillin’ Park will secure our balance sheet and provide a reliable source of reasonably priced pharma-quality cannabis flowers for raw material for THC Hourglass products and for distribution in both the U.S. and Canada, as appropriate under any given market circumstances. The 510K approval for the Hourglass technology will facilitate its rapid market acceptance throughout the United States as an approved medical device. Finally, our lab acquisition program will provide rapid revenue growth and expand the company’s cannabis industry footprint. The parties expect to finalize and execute the definitive agreement before the end of August 2022 and close the transaction shortly thereafter.”

To view the full press release, visit https://cnw.fm/W8fwM

About Grapefruit USA Inc.

Grapefruit’s corporate headquarters is in Westwood, Los Angeles, California. Grapefruit holds California permits and licenses to both manufacture and distribute cannabis products in the Golden State. Grapefruit’s extraction laboratory and manufacturing and distribution facilities are located in the industry-recognized Coachillin’ Industrial Cultivation and Ancillary Canna-Business Park in Desert Hot Springs, California. To find out more about the company, please visit https://GrapefruitBlvd.com.

About CannabisNewsWire

CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

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Grapefruit USA (OTCQB: GPFT), an innovative California-based cannabiotech company, today issued an update on its previously announced execution of a memorandum of understanding (“MOU”) with Englewood Cliffs, New Jersey-based Diagnostic Lab Corporation (“DLC”), a diversified food and agriculture safety company, concerning Grapefruit’s acquisition of DLC. According to the update, the company and DLC (the “parties”) have been in regular discussions since the execution of the MOU regarding the terms and timing of the proposed acquisition. The parties have developed a plan, under which Grapefruit will acquire substantially all of the assets of DLC and obtain financing of $12.5 million, $7 million of which has already been committed, to build out its “Mothership” state of the art cultivation and laboratory center. “As previously announced, these will be the next steps in Grapefruit’s evolution into a medical science-based cannabiotech company, which will develop and obtain regulatory approval for an ever-expanding line of proprietary Hourglass technology-based cannabis products. The build out of the ‘Mothership’ cultivation and lab facility at the Coachillin Park will guarantee a reliable source of reasonably priced pharma quality cannabis flowers to provide the base for non-hemp Hourglass products and for distribution in both the U.S. and Canada, when appropriate. Obtaining the 510K approval for the Hourglass technology will facilitate its rapid market acceptance,” said Bradley J. Yourist, Grapefruit’s CEO and co-founder. “Our lab acquisition program will provide rapid revenue growth and expand the company’s cannabis industry expertise. The parties expect to execute and announce a binding letter of intent before the end of May 2022.”

To view the full press release, visit https://cnw.fm/5n26V

About Grapefruit USA Inc.

Grapefruit’s corporate headquarters is in Westwood, Los Angeles, California. Grapefruit holds California permits and licenses to both manufacture and distribute cannabis products in the Golden State. Grapefruit’s extraction laboratory and manufacturing 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 Road, approximately 14 miles north of downtown Palm Springs. For more information about the company and its operations, visit www.GrapefruitBlvd.com.

About CannabisNewsWire

CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

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Grapefruit USA (OTCQB: GPFT), a California canna-biotech company, today announced the launch of its Monterey-based “Summit Boys” brand of premiere concentrates on the Blitzdirect.com (“Blitz”) mobile delivery online platform in California. With this move, Grapefruit’s L.A. County customers can have Summit Boys’ top-shelf concentrates delivered directly to their doorstep via Blitzdirect.com. A leading California-licensed cannabis mobile delivery service, Blitz operates within a 30-mile radius of Los Angeles County. “Blitz’s inclusion of Summit Boys’ high-end concentrates on its mobile delivery menu validates their unique flavor profiles and quality, and will significantly expand our customer base,” said Grapefruit CEO Bradley Yourist. “Yet another step forward for Grapefruit and our Summit Boys brand.”

To view the full press release, visit https://cnw.fm/UZx0W

About Grapefruit USA Inc.

Grapefruit’s corporate headquarters is in Westwood, Los Angeles, California. Grapefruit holds California permits and licenses to both manufacture and distribute cannabis products in the Golden State. Grapefruit’s extraction laboratory and manufacturing 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 Road, approximately 14 miles north of downtown Palm Springs. For more information about the company and its operations, visit www.GrapefruitBlvd.com.

About CannabisNewsWire

CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

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Grapefruit USA (OTCQB: GPFT), an innovative California-based cannabiotech company, has announced that Summit Boys, its premiere cannabis concentrate brand, will be available in the state of California through an agreement with Greenline Distribution of Monterey County, California. According to the announcement, Greenline is an award-winning cannabis cultivator and distributor, and is the creator of its own super-potent Orange Tree and Bananimal cannabis strains. “We are pleased that Grapefruit has partnered with Greenline to secure full-service distribution for its Summit Boys brand in California,” said Grapefruit CEO and cofounder Bradley J. Yourist in the press release. “The highly experienced Summit Boys sales team provides hands-on service to Grapefruit retailers and is excited to distribute our new Summit Boys high-end concentrates, which include, vanilla runtz diamonds, sweeties live sugar, sundae driver, wedding cake live badders and snowcap diamond sauce. We look forward to working with Greenline over the coming months to manufacture and distribute new and innovative Summit Boys concentrates.”

To view the full press release, visit https://cnw.fm/YiDB9

About Grapefruit USA Inc.

Grapefruit’s corporate headquarters is in Westwood, Los Angeles, California. Grapefruit holds California permits and licenses to both manufacture and distribute cannabis products in the Golden State. Grapefruit’s extraction laboratory and manufacturing and distribution facilities are located in the industry-recognized Coachillin’ Industrial Cultivation and Ancillary Canna-Business Park in Desert Hot Springs, California. To find out more about the company, please visit https://GrapefruitBlvd.com.

About CannabisNewsWire

CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

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Grapefruit USA (OTCQB: GPFT), an innovative California-based cannabiotech company, today provided an update on progress with its previously announced Notice of New Cannabis Product (“NNCP”) filed with Health Canada for its patented Hourglass(TM) Time Release THC+CBD infused Topical Delivery Cream. Health Canada is the department of the federal government responsible for national health policy, and its approval of the NNCP will enable Grapefruit to sell its patented Hourglass to licensed retail outlets throughout Canada. According to the update, on Feb. 18, 2022, Grapefruit received an inquiry from Health Canada about the composition of specific Hourglass ingredients. Grapefruit’s timely response was promptly accepted by Health Canada. “We are pleased with the significant progress made on our Health Canada Hourglass approval initiative after successfully responding to Health Canada’s first round of requests for additional information,” said Bradley J. Yourist, Grapefruit’s CEO and co-founder. “We are on track to obtain approval of our Hourglass NNCP. Grapefruit looks forward to bringing the Hourglass THC+CBD product to Canada.”

To view the full press release, visit https://cnw.fm/2redb

About Grapefruit USA Inc.

Grapefruit’s corporate headquarters is in Westwood, Los Angeles, California. Grapefruit holds California permits and licenses to both manufacture and distribute cannabis products in the Golden State. Grapefruit’s extraction laboratory and manufacturing 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 Road, approximately 14 miles north of downtown Palm Springs. For more information about the company and its operations, visit www.GrapefruitBlvd.com

About CannabisNewsWire

CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

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Grapefruit USA (OTCQB: GPFT), an innovative California-based cannabiotech company, today announced that its Chief Executive Officer Bradley J. Yourist was elected to the Coachillin’ Industrial Cultivation and Ancillary Canna-Business Park’s Property Owners Association Board of Directors (the “Board”) for a one-year term, effective immediately. Located 14 miles north of downtown Palm Springs, the 160-acre Coachillin’ Canna-Business Park is the first and largest cooperative canna-business compound of its kind. The landowners each own a proportionate interest in a collaborative owner’s association, allowing them to share much of the park overhead such as clean cultivation water, park security and access to agricultural power rates and, thereby, develop relatively low-cost economies of scale, providing a competitive advantage over independent cannabis operations. “It is an honor for me to have been elected to a one-year term as a member of the Board,” said Bradley J. Yourist, Grapefruit’s CEO and co-founder. “As a Board member, I will acquire a unique perspective on the rapidly evolving California cannabis industry and the progress of the Coachillin’ Canna-Business Park. I intend to refer innovative new cannabis industry participants to the Park over the next year. Of course, the Board seat will afford me the opportunity to advance Grapefruit’s initiative to build out our Coachillin’ ‘Mothership’ as quickly as possible.”

To view the full press release, visit https://cnw.fm/cTXUq

About Grapefruit USA Inc.

Grapefruit’s corporate headquarters is in Westwood, Los Angeles, California. Grapefruit holds California permits and licenses to both manufacture and distribute cannabis products in the Golden State. Grapefruit’s extraction laboratory and manufacturing 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 Road, approximately 14 miles north of downtown Palm Springs. For more information about the company and its operations, visit www.GrapefruitBlvd.com.

About CannabisNewsWire

CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

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Grapefruit USA (OTCQB: GPFT), an innovative California-based cannabiotech company, announced that it has filed Form 8-K with Health Canada; the filing is GPFT’s Notice of New Cannabis Product (“NNCP”) with Health Canada. Once GPFT receives approval of the NNCP from Health Canada, the company will be able to offer its patented Hourglass(TM) Time Release THC+CBD-Infused Topical Delivery Cream under the Canadian Federal Cannabis Act throughout Canada. The act, which became effective in 2018, provides national guidelines for legal access to cannabis as well as the product, distribution and sale of the substance. Canada became the second country in the world to formally legalize the cultivation, possession, acquisition and consumption of cannabis and cannabis-based products; it is the first G7 and G20 nation to federally legalize cannabis. Health Canada is the Canadian federal government licensing authority that oversees the implementation of the act, and all cannabis products must meet its federal regulatory requirements before they can be sold in Canada. “A filing on Form 8-K is only appropriate for truly material events,” said Grapefruit CEO and cofounder Bradley J. Yourist in the press release. “The filing of the NNCP is one of the most material events in Grapefruit’s history, as approval by Health Canada will allow us to commence sales of Hourglass technology-based THC and THC/CBD products in the largest federally legal cannabis market in the world. The world’s best cannabis topical delivery cream will then be available in the world’s largest national legal THC market — a perfect complement to Grapefruit’s California sales of THC/CBD Hourglass products and worldwide sales of Hourglass technology powered non-THC, hemp-based CBD products.”

To view the full message, visit https://cnw.fm/hVEyN

About Grapefruit USA Inc.

Grapefruit’s corporate headquarters is in Westwood, Los Angeles, California. Grapefruit holds California permits and licenses to both manufacture and distribute cannabis products in the Golden State. Grapefruit’s extraction laboratory and manufacturing and distribution facilities are located in the industry-recognized Coachillin’ Industrial Cultivation and Ancillary Canna-Business Park in Desert Hot Springs, California. To find out more about the company, please visit https://GrapefruitBlvd.com.

About CannabisNewsWire

CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

To receive SMS text alerts from CannabisNewsWire, text “CANNABIS” to 21000 (U.S. Mobile Phones Only)

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