LOS ANGELES and DESERT HOT SPRINGS, Calif., July 06, 2022 (GLOBE NEWSWIRE) -- via InvestorWire -- Grapefruit USA, Inc. (OTC-BB:GPFT) (“Grapefruit” or the “Company”), an innovative California-based cannabiotech company, announces today the execution of a binding letter of intent (“LOI”), entered into on June 30, 2022, by the Company and Diagnostic Lab Corporation of Englewood Cliffs, New Jersey, (“DLC”) a diversified food and agriculture safety company, pursuant to which the Company and DLC will jointly recapitalize Grapefruit and raise $12.5 million of debt financing (including $5.5 million already committed from a qualified construction lender) to:
Grapefruit USA, Inc. Executes Binding Letter of Intent to Acquire Diagnostic Lab Corporation, Inc., Secure New Financing
Globe Newswire - Press Release
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