Desert Hot Springs, CA, June 17, 2019 (GLOBE NEWSWIRE) -- Imaging3, Inc. (OTCQB:IGNG), (“IGNG” or “Imaging3”) today announced that on June 21, 2019, Grapefruit Boulevard Investments, Inc. (“Grapefruit” or the “Company”) will commence retail sales of its first brand of cannabis infused edible gummies in California under the trade name, Sugar Stoned®.
Imaging3’s new CEO, Bradley J. Yourist, stated: “We are proud to announce that Grapefruit is initiating retail sales of its cannabis infused gummy edibles throughout California under the Sugar Stoned trade name on or about June 21, 2019. Grapefruit will introduce eight (8) Sugar Stoned options: Blue Raspberry, Cherry, Grape, Peach, Pineapple, Sour Apple, Strawberry and Watermelon. We chose to create eight (8) different flavor infused gummies based on market demand after many consultations with cannabis retailers all over California. Retail cannabis product consumers will be able to enjoy our Sugar Stoned infused gummies with the knowledge that Grapefruit products have been tested and are certified to be pesticide and heavy metal free by a third party laboratory before being released at retail. Release of our first branded edible line positions Grapefruit well to become a premiere California manufacturer and distributor of multiple, varied high quality cannabis and CBD infused edible products. Moreover, given that Grapefruit owns and operates its own cannabis extraction laboratory in Desert Hot Springs which produces compliant THC distillate oil or ‘honey oil’ used in cannabis-infused products, Grapefruit will be able to exert control over the active ingredient as well as the those used in the delivery medium of all Grapefruit edibles and thereby ensure the overall quality and taste of all of Grapefruit’s edibles. Grapefruit is also in the process of preparing to introduce several unique cannabis infused offerings and a new line of THC and CBD vaporizer cartridges in the third quarter of 2019. Interested parties can learn more about Grapefruit’s Sugar Stoned® product line by visiting our website at https://sugarstoned.com/.”
In another development, last week Grapefruit interviewed outside securities counsel to file its registration statement on Form S-1 to register the shares underlying the Notes to be issued by the Company pursuant to its previously announced financing. Management was pleased with the presentation and fee structure of an east coast based law firm with significant experience in the registration of common shares issued by cannabis/CBD companies and hopes to sign a fee agreement with this firm and to commence drafting of the registration statement this week since the Company’s investor is obligated to fund the second tranche of $1,400,000.00 on the day the registration statement is filed with the SEC. Bradley J. Yourist further commented “we intend to file our S-1 as soon as practicable in order to expedite our receipt of additional funding from our investor and accelerate our growth to the best of our ability”
Potential investors in IGNG’s common shares are cautioned that there can be no assurance that the Company will be able to obtain the financing necessary to achieve its articulated goals and further that even if such financing is obtained that it will be sufficient for the Company to achieve its ultimate goals.
About GBI
Grapefruit’s corporate headquarters is in Westwood, Los Angeles, California. Grapefruit is licensed by the state of California to manufacture and distribute cannabis products and is fully compliant with all applicable laws and regulations to operate such businesses. Grapefruit’s cannabis and CBD 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 Indian Canyon Rd., approximately 10 miles north of downtown Palm Springs. Grapefruit obtained its California cannabis licenses in January of 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 the Imaging3’s business, including, without limitation: the company may not ever obtain FDA approval for any of its devices; the company may not be able to secure the funds necessary to support its product development plans; and the company may not ever achieve the market success to sustain a profitable business. In addition, there are risks and uncertainties related to economic recession or terrorist actions, competition from much larger imaging companies, technological obsolescence, unexpected costs and delays, potential product liability claims, and many other factors. More detailed information about Imaging3 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 and its Quarterly Report on Form 10-Q. 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 Imaging3 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.
Investor Relations Contact:
Bradley Yourist
brad@grapefruitblvd.com